Explanatory note

This Order appoints 1 April 2013 as the day on which section 101 (late payment of interest on sums due to HM Revenue and Customs) of the harmonised interest regime set out in sections 101 and 103 of the Finance Act 2009^f1 comes into force in relation to penalties imposed under Parts 3 to 5 of Schedule 38 to the Finance Act 2012^f2 in connection with dishonest conduct by individuals acting as tax agents.

Section 101 applies late payment interest to any sum due by virtue of any enactment to HMRC but paid late. The current applicable rates in respect of late payment interest are set out in the Taxes and Duties, etc (Interest Rate) Regulations 2011^f3.

A Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy and it is an appointed day order.