OpenLegislation

Regulation 29 Interest on payments and deductions in respect of levy

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Interest at the prescribed interest rate and for the prescribed period shall be paid by any licensed supplier on the amount of any payment made in accordance with–

(a)

paragraph (4) of regulation 11;

(b)

paragraph (5)(a) of regulation 14;

(c)

paragraph (2) of regulation 16;

(d)

paragraph (2) of regulation 17;

(e)

paragraph (1) of regulation 18;

(f)

paragraph (2) of regulation 23; or

(g)

paragraph (a) of regulation 26.

(2)

An amount equal to interest at the base rate of Barclays Bank plc current from time to time during the prescribed period shall be added to the amount of any deduction made in accordance with–

(a)

paragraph (5)(b) of regulation 14;

(b)

paragraph (5) of regulation 15;

(c)

paragraph (4) of regulation 24;

(d)

paragraph (4) of regulation 25;

(e)

paragraph (b) of regulation 26; or

(f)

regulation 27.

(3)

In this regulation “prescribed period” means the period beginning on the day which is one month after the expiry of the qualifying month to which the payment mentioned in paragraph (1) or, as the case may be, the deduction mentioned in paragraph (2) relates and ending on the day on which the payment or deduction is actually made or, in the case of a payment, would have been made but for a deduction in accordance with these Regulations.