Regulation 68 Interest payable by HMRCC1I1C2
Paragraph (2) applies where—
an application for repayment of duty is made;
a period of 30 working days has expired since the date that a determination to grant the application has effect as provided by regulation 64(3);
HMRC has failed to pay some or all of the repayment; and
that failure is substantially the fault of HMRC.
HMRC must pay interest at the applicable rate on the amount of the unpaid repayment for the period—
beginning with the day after the date on which the 30 working days period described in paragraph (1)(b) expires; and
ending with the date on which the amount is paid in full.
In paragraph (2), “the applicable rate” means the rate of interest provided by regulations for the purposes of section 197(2)(f) of the Finance Act 1996 M1.
Annotations
Marginal citations
- M1
1996 c. 8. At the time these Regulations are made, the rate is provided by regulation 5(1)(e) of S.I. 1998/1461 as 5% per annum. Regulation 5 was substituted by S.I. 2001/631 and regulation 5(1)(e) amended by S.I. 2003/230.
Modifications
- C1
Pts. 1-10 applied (with modifications) (31.12.2020) by The Customs (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1605), regs. 1(1), 32; S.I. 2020/1643, reg. 2, Sch.
- C2
Regs. 68-70 applied (with modifications) (24.12.2024) by S.I. 2020/1605, reg. 32A (as inserted by The Customs (Miscellaneous Amendments) (No. 3) Regulations 2024 (S.I. 2024/1265), regs. 1, 6)
Commencement
- I1
Reg. 68 in force at 31.12.2020 by S.I. 2020/1643, reg. 2, Sch.