75.—(1) Where a person (P) is liable to pay CIL and the amount paid by P proves to be greater than the amount for which P is liable, the collecting authority must, as soon as practicable, repay the overpayment.
(2) But the collecting authority is not required to repay an overpayment where—
(a)it is satisfied that the amount of the overpayment is less than any reasonable administrative costs which it would incur in making the repayment; or
(b)the overpayment is a result of a land payment.
(3) Where a person is entitled to a repayment, the collecting authority must pay that person an additional amount by way of interest on the repayment at a rate which is the higher of—
(a)0.5% per annum; and
(b)a percentage per annum equal to the Bank of England base rate less one percentage point.