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Regulation 8 Calculation of interest on amount of instalmentsI1C1

England and Wales

(1)

Interest payable under regulation 7 in respect of an amount outstanding shall be calculated as the rate which is 2 per cent. above the highest base rate quoted by any of the reference banks at any time in the period for which that interest is payable.

(2)

The interest shall be paid at the same time as the amount outstanding is paid.

F1(3)

For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—

(a)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(b)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(c)

quote a base rate in sterling.

(4)

For the purposes of paragraph (3), the size of F2a person is to be determined by reference to F3his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the period for which interest is payable begins.

(5)

In this regulation—

  • “consolidated gross assets” of F4a person is a reference to the gross assets of that person together with any subsidiary (within the meaning of section 736 of the Companies Act 1985)f1;

  • F5...

F6(6)

Paragraph (3) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.

Annotations

Textual amendments

F1

Reg. 8(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(1)

F2

Words in reg. 8(4) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(2)

F3

Word in reg. 8(4) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(2)

F4

Words in reg. 8(5) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(3)(a)

F5

Words in reg. 8(5) revoked (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(3)(b)

F6

Reg. 8(6) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 427(4)

Modifications

C1

Reg. 8 applied (with modifications) (15.10.2009) by The Business Rate Supplements (Transfers to Revenue Accounts) (England) Regulations 2009 (S.I. 2009/2543), reg. 1, Sch. 2 para. 10(3)

Commencement

I1

Reg. 8 in force at 4.11.1992, see reg. 1(1)

Footnotes

f1

1985 c. 6; section 736 was substituted by section 144(1) of the Companies Act 1989 (c. 40).