- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
7.—(1) Interest may be charged in respect of each day of the period beginning with the date after the date of the demand made in accordance with regulation 6(1) and ending with (and including) the date on which the Secretary of State receives full payment of the sum recoverable under that regulation.
(2) For the purpose of paragraph (1), the rate of interest applicable on any day is one percentage point above the Bank of England base rate.
(3) In paragraph (2), “the Bank of England base rate” means—
(a)the rate announced from time to time by the Monetary Policy Committee of the Bank of England(1) for the time being in force as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the money markets; or
(b)if an order under section 19 of the Bank of England Act 1998 (Treasury’s reserve powers)(2) is in force, any equivalent rate determined by the Treasury under that section.
The Monetary Policy Committee was established under section 19 of the Bank of England Act 1998 (c.11).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: