Interest on unpaid levies
11.—(1) If the amount of any levy issued under these Regulations or, as the case may be, of any instalment of such a levy is not paid by the due date for payment, the council concerned shall be liable to pay to the levying body interest calculated in accordance with paragraph (2) below on the unpaid amount from that day until the date when payment is made.
(2) Interest payable under paragraph (1) above shall be simple interest calculated from day to day at a rate equivalent to 2 per cent above the base rate quoted from time to time by the Committee of London and Scottish Bankers or where there is for the time being more than one such rate, the highest of them.