Regulation 48 Monetary penalty notices

(1)

The Secretary of State or an inspector, as the case may be, may issue a monetary penalty notice under regulation 44(2) only where satisfied that the person to whom it is issued has committed a relevant breach.

(2)

The amount of any monetary penalty must be determined by the Secretary of State or an inspector, as the case may be.

(3)

The monetary penalty notice must state—

(a)

how payment may be made;

(b)

the period within which payment must be made;

(c)

the consequences of late payment or failure to pay, including liability for interest under paragraph (4).

(4)

Interest is payable on the amount of any monetary penalty for each day beginning with the day after the last day for payment specified in the notice to the day on which the sum specified in the monetary penalty notice is paid.

(5)

For the purposes of paragraph (4), the rate of interest applicable on any day is one percentage point above the Bank of England base rate.

(6)

In this regulation, and regulation 51, “Bank of England base rate” means—

(a)

except where sub-paragraph (b) applies, the rate announced from time to time by the Monetary Policy Committee^f1 of the Bank of England as the official dealing rate, being the date at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or

(b)

if an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.

(7)

Amounts payable under this regulation, including the monetary penalty and any interest for late payment, are recoverable as a civil debt.

Annotations

Footnotes

f1: The Monetary Policy Committee is established under section 13 of the Bank of England Act 1998 (c. 11).