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Section 162 Interest on unpaid sumsC1C2C4I1C3

Northern Ireland

(1)

If F1any amount required to be paid by a person under a confiscation order is not paid when it is required to be paid, he F2must pay interest on that amount for the period for which it remains unpaid.

(2)

The rate of interest is the same rate as that for the time being applying to a money judgment of the High Court.

F3(3)

If—

(a)

an application has been made under section 161(4) for a specified period to be extended,

(b)

the application has not been determined by the court, and

(c)

the period of six months starting with the day on which the confiscation order was made has not ended,

the amount on which interest is payable under this section does not include the amount to which the specified period relates.

(4)

In applying this Part the amount of the interest must be treated as part of the amount to be paid under the confiscation order.

Annotations

Textual amendments

F1

Words in s. 162(1) substituted (1.6.2015) by Serious Crime Act 2015 (c. 9), s. 88(3)(b), Sch. 4 para. 47(a); S.R. 2015/190, reg. 3(2)(b)

F2

Words in s. 162(1) substituted (1.6.2015) by Serious Crime Act 2015 (c. 9), s. 88(3)(b), Sch. 4 para. 47(b); S.R. 2015/190, reg. 3(2)(b)

F3

S. 162(3) substituted (1.6.2015) by Serious Crime Act 2015 (c. 9), ss. 28(2), 88(3)(a); S.R. 2015/190, reg. 3(1)(b)

Modifications

C1

Pt. 4 applied by S.I. 1989/1341 (N.I. 12), arts. 57(5B), 59(8B) (as substituted (24.3.2003) by Proceeds of Crime Act 2002 (c. 29), Supreme Court s. 458(1), Sch. 11 para. 19(2)(3); S.I. 2003/333, art. 2, Sch.)

C2

Pt. 4 applied (3.12.2014) by The Criminal Justice and Data Protection (Protocol No. 36) Regulations 2014 (S.I. 2014/3141), reg. 1(b), Sch. 2 para. 11(5)

C3

S. 162 excluded (3.12.2014) by The Criminal Justice and Data Protection (Protocol No. 36) Regulations 2014 (S.I. 2014/3141), reg. 1(b), Sch. 2 para. 11(6)

C4

Pt. 4 applied (3.12.2014) by The Criminal Justice and Data Protection (Protocol No. 36) Regulations 2014 (S.I. 2014/3141), reg. 1(b), Sch. 2 para. 6(5)

Commencement

I1

S. 162 in force at 24.3.2003 by S.I. 2003/333, art. 2, Sch.

Notes on Part 4

Modifications

C1

Pt. 4 functions of receiver extended (24.2.2003) by Proceeds of Crime Act 2002 (Enforcement in different parts of the United Kingdom) Order 2002 (S.I. 2002/3133), arts. 1, 4(1)(a)

C3

Pt. 4: power to amend conferred (1.7.2005) by Serious Organised Crime and Police Act 2005 (c. 15), ss. 97(3), 178(8); S.I. 2005/1521, art. 3(1)(a)

C6

Pt. 4 applied (20.12.2023) by National Security Act 2023 (c. 32), s. 100(1), Sch. 6 para. 8(5) (with s. 97); S.I. 2023/1272, reg. 2(a)

C7

Pt. 4 applied (20.12.2023) by National Security Act 2023 (c. 32), s. 100(1), Sch. 6 para. 9(5) (with s. 97); S.I. 2023/1272, reg. 2(a)

C8

Pt. 4 applied (20.12.2023) by National Security Act 2023 (c. 32), s. 100(1), Sch. 6 para. 42(4) (with s. 97); S.I. 2023/1272, reg. 2(a)