Regulation 10 Interest on unpaid levies

Where the relevant Act makes provision as to the payment of interest on any amount of a precept, levy or expenses to which the relevant precepting power applies which is not paid by the due date for payment, the relevant authority shall be liable to pay to the levying body interest in accordance with that provision on the amount of a levy issued under these Regulations by reference to that power which remains unpaid after the due date for payment.

Where the relevant Act makes such provision as is mentioned in paragraph (1) above, but does not prescribe the rate of interest payable, interest payable under paragraph (1) shall be simple interest calculated from day to day on the unpaid amount from the due date for payment until the date when payment is made at a rate equivalent to 2 per cent above the base rate quoted from time to time by the Committee of London and Scottish Bankers or, where there is for the time being more than one such rate, the highest of them.