145New build home warranties: financial penaltiesE+W
(1)The Secretary of State may by regulations make provision for and in connection with the imposition of a financial penalty in cases where the Secretary of State, or a person designated by the Secretary of State, is satisfied beyond reasonable doubt that a person has, without reasonable excuse, failed to comply with section 144(2).
(2)The regulations may include provision—
(a)about the procedure to be followed in imposing penalties;
(b)about the amount of penalties;
(c)for the imposition of interest or additional penalties for late payment;
(d)conferring rights of appeal against penalties.
(3)The regulations must provide that the amount of a financial penalty (excluding interest or any additional penalty) may not exceed the greater of—
(a)10% of the value of the relevant interest at the time the person granted or disposed of the relevant interest, and
(b)£10,000.
Commencement Information
I1S. 145 not in force at Royal Assent, see s. 170(5)
I2S. 145 in force at 6.4.2023 for specified purposes by S.I. 2023/362, reg. 3(1)(z12)