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Regulation 8 Consequences of late or non-payment

Original text. Later amendments are not shown.

(1)

Where payment for allowances is not received from an account holder by the settlement date, any outstanding amount is payable by the account holder on demand, and the person conducting an auction may—

(a)

require that account holder to pay interest for each day beginning with the settlement date and ending on the date on which payment is made at the relevant interest rate, calculated on a daily basis, or

(b)

decide not to provide to the Environment Agency such information as is necessary to effect the transfer under regulation 6(2).

(2)

The person conducting an auction must give an account holder notice of a decision under sub-paragraph (1)(b) as soon as reasonably practicable after making that decision.