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The Business Rate Supplements (Transfers to Revenue Accounts) (England) Regulations 2009

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Payment of interest

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10.—(1) If—

(a)a billing authority fails to transfer any instalment due under paragraph 4 or an amount due under paragraph 8(1); or

(b)a levying authority fails to make a payment due under paragraph 8(2)(a) and there is no authorisation under paragraph 8(2)(b) (in the absence of an authorisation under sub-paragraph (2)(b)),

interest shall be payable on the amount outstanding for every day of the period beginning with the day on which the amount was due to be transferred or paid and ending with day before the day on which it is paid.

(2) A levying authority required to pay interest under this paragraph shall not make that payment from its revenue account.

(3) Interest under this paragraph shall be calculated and paid in accordance with regulation 8 of the Local Authorities (Funds) (England) Regulations 1992(1) as if the reference in paragraph (1) of that regulation to regulation 7 of those Regulations were a reference to this paragraph.

(1)

S.I. 1992/2428, to which there are amendments not relevant to these Regulations.

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