Regulation 3 Late payment interest rateI1

United Kingdom

(1)

Except where regulation 5 applies, the late payment interest rate for the purposes of section 101 of the Finance Act 2009^f1 (late payment interest on sums due to HMRC), is the percentage per annum found by applying the following formula—

Bank of England rate + F14.

(2)

The interest rate found under paragraph (1) applies on and after the operative date.

Annotations

Textual amendments

F1: Word in reg. 3(1) substituted (6.4.2025) by The Taxes and Duties, etc (Interest Rate) (Amendment) Regulations 2025 (S.I. 2025/386), regs. 1, 4(2)

Commencement

I1: Reg. 3 in force at 31.10.2011, see reg. 1

Footnotes

f1: Amendments made to sections 101 and 102 of the Finance Act 2009 (c. 10) by Schedule 9 to the Finance (No. 3) Act 2010 (c. 33) come into force on such day as the Treasury may by order appoint under section 25(2) of the latter Act.