Regulation 5 Amount of payment

The additional amount payable by virtue of regulation 3 in a case to which regulation 6 does not apply shall be the amount ascertained—

(a)

where the repayment day falls within the year of effective alteration and liability subsists on the day before the repayment day, in accordance with the formula—

\frac{(A \times B \times r)}{(2C \times 100)}

where—

A is the amount of the overpayment in relation to the relevant period;
B is the number of days in that period;
C is the number of days in the year; and
r is the appropriate rate, expressed as a percentage;

(b)

in any other case, by aggregating the amounts ascertained—

(i)

in respect of each relevant period, in accordance with the formula—

\frac{(D \times E \times r)}{(2C \times 100)}

where—

C and r have the same meaning as in sub-paragraph (a);
D is the amount of the overpayment in relation to the period in question; and
E is the number of days in that period; and

(ii)

in respect of each subsequent period, in accordance with the formula—

\frac{(F \times G \times r)}{(C \times 100)}

where—

C and r have the same meaning as in sub-paragraph (i);
F is the amount of the overpayment in relation to the relevant period to which the subsequent period in question relates; and
G is the number of days in the subsequent period in question.