Regulation 39 Interest on late payment
A liable person must pay interest on an overdue relevant amount for which the person is liable.
Interest under paragraph (1) is calculated from day to day—
beginning with the day after the due date for the relevant amount;
only on the outstanding amount of the relevant amount;
at an annual rate of 2.5 percentage points above the Bank of England base rate.
When Natural England becomes aware that interest has begun to accrue on an overdue relevant amount, it must give a notice to each person who is liable to pay the amount, including—
the date of the notice;
the current rate of interest and how it is subject to change;
the relevant amount in respect of which interest is accruing, when the due date was for that amount, and the date on which interest began to accrue;
the possible consequences if the relevant amount remains unpaid, including the possibility that surcharges may be imposed;
the person’s right to appeal against the charging of interest, including how the person may do so and applicable time limits.
A person’s liability to pay the relevant amount cannot be discharged until all amounts of interest which have accrued in respect of the relevant amount are paid in full.
Interest is not payable on interest accrued under this regulation.
A liable person may make a request in writing to Natural England for a calculation of the interest which has accrued on an overdue relevant amount.
Where Natural England receives a request under paragraph (6), it must provide the information requested to the person who made the request before the end of the period of 14 days beginning with the day on which the request was made.