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The Payment of Pension Levies for Past Periods Regulations (Northern Ireland) 2015

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3.—(1) This regulation applies to any amount of pension levy which becomes payable as a consequence of the coming into operation of regulation 2.

(2) Any amount to which this regulation applies carries interest for the period beginning with the date on which that amount would have become due if the amendments made by the 2010 regulations had always had effect (“interest start date”) and ending on the date on which payment of that amount is made.

(3) Interest to be added to any amount to which this regulation applies shall be compound interest calculated at the rates specified in paragraphs (4) to (7) with yearly rests.

(4) The rate of interest to be applied for the period beginning with the interest start date for the first year is that set out in column (c) of the Table next to the period as set out in columns (a) and (b) within which the interest start date falls.

(5) On each anniversary of the interest start date, where any anniversary of the interest start date falls on or before 30th November 2015, the rate of interest to be applied for the year from that anniversary date is that set out in column (c) of the Table next to the period as set out in columns (a) and (b) within which the anniversary date falls.

(6) Where any anniversary of the interest start date falls after 30th November 2015, the interest rate to be applied during the year from that anniversary date is the EU recovery interest rate.

(7) For the purposes of paragraph (6), “EU recovery interest rate” means the rate referred to in Article 9 of Commission Regulation (EC) No. 794/2004(1).

Table

Column (a)

From

Column (b)

To

Column (c)

Interest rate %

1st January 200531st December 20055∙81
1st January 200631st December 20065∙33
1st January 200730th September 20075∙90
1st October 200731st December 20076∙83
1st January 200813th April 20086∙29
14th April 200830th June 20086∙60
1st July 200831st December 20086∙66
1st January 200931st January 20096∙70
1st February 200928th February 20095∙81
1st March 200931st March 20094∙58
1st April 200931st May 20093∙84
1st June 200931st July 20093∙20
1st August 200930th September 20092∙85
1st October 200930th November 20092∙53
1st December 200931st December 20092∙20
1st January 201030th June 20102∙16
1st July 201031st December 20102∙35
1st January 201131st December 20112∙48
1st January 201231st October 20122∙74
1st November 201231st December 20122∙46
1st January 201331st March 20132∙19
1st April 201331st December 20131∙99
1st January 201430th September 20141∙88
1st October 201431st December 20142∙04
1st January 201530th November 20152∙02
(1)

O.J. No. L140, 30.4.04, p.1. Article 9 was amended by Commission Regulation (EC) 271/2008 (O.J. No. L82, 25.3.08, p.1). In accordance with Article 10 of Commission Regulation (EC) No. 794/2004 the rates are published by the European Commission and the rates are calculated in accordance with the Communication from the European Commission dated 19th January 2008 (O.J. No. C14, 19.1.08, p.6)

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