5(1)HMRC Commissioners must make regulations about the payment of import duty.
(2)The regulations may (among other things) make provision about—
(a)the date on or before which a liability to pay import duty must be discharged,
(b)cases in which the period for discharging the liability is extended (either generally or in relation to particular cases),
(c)how a liability to pay import duty may be discharged, and
(d)interest in respect of import duty.
(3)The provision that may be made within sub-paragraph (2)(d) includes provision—
(a)for interest to be recoverable as if it were an amount due by way of import duty,
(b)determining the period during which interest is to be payable,
(c)for exceptions from the requirement to pay interest, and
(d)about the rate of interest (which may be by reference to a rate payable by the Bank of England, or by any other person, in respect of any amount).