Part 5Enforcement of the levy and penalties

Chapter 3Penalties

Interest

68Rate of interest

(1)

The rate of interest that applies for the purposes of sections 66 and 67 is the rate specified by the Scottish Ministers in regulations.

(2)

Regulations under subsection (1) may—

(a)

provide for different rates for different penalties,

(b)

provide for circumstances in which alteration of a rate of interest is or is not to take place,

(c)

provide that alterations of rates are to have effect for periods beginning on or after a day determined in accordance with the regulations in relation to interest running from before that day, as well as from, or from after, that day.

(3)

Regulations under subsection (1) are subject to the negative procedure.