# The Oil and Gas Authority (Levy) Regulations 2016, Regulation 5: Interest payable on late payment of the levy

Extent: E+W+S

(1) Where any amount of the levy notified to the licensee of an offshore licence is not paid in accordance with the notification under regulation 4, the licensee is liable to pay to the Secretary of State interest, calculated in accordance with paragraph (2), on the amount of the levy which remains unpaid.
(2) The interest payable under paragraph (1) is simple interest calculated from day to day on the unpaid amount from the date by which the amount is required until the date when payment is made at a rate of 5 per cent per annum over the Bank of England base rate from time to time.
(3) For the purpose of this regulation the “Bank of England base rate” means—
(a) the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets; or
(b) where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.

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Source: https://www.legislation.gov.uk/uksi/2016/318/regulation/5 (the official version)
Page: https://openlegislation.uk/oil-and-gas-authority-levy-regulations-2016/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.