Proceeds of Crime Act 2002

12Interest on unpaid sums

This section has no associated Explanatory Notes

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

(2)The rate of interest is the same rate as that for the time being specified in section 17 of the Judgments Act 1838 (c. 110) (interest on civil judgment debts).

(3)For the purposes of this section no amount is required to be paid under a confiscation order if—

(a)an application has been made under section 11(4),

(b)the application has not been determined by the court, and

(c)the period of 12 months starting with the day on which the confiscation order was made has not ended.

(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.