Regulation 4 Amendment of the Late Payment of Commercial Debts (Interest) Act 1998

The Late Payment of Commercial Debts (Interest) Act 1998^f1 is amended as follows.

In section 4^f2 (period for which statutory interest runs), in subsection (8), for the definition of “public authority”, as it extends to England and Wales and Northern Ireland, substitute—

• ““public authority” means a public authority within the meaning of the Procurement Act 2023 (see section 2 of that Act) that is not—

  1. (a)

     an excluded authority within the meaning of section 2(5)(a), (c) or (d) of that Act, but as if in section 2(5)(d)(ii) the reference to paragraph (b) were omitted, or

  2. (b)

     the Common Council of the City of London other than for the purposes of its functions as a local authority, police authority or port health authority.”.