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The Residuary Body for Wales (Levies) Regulations 1996

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Interest on unpaid levies

9.—(1) Where any amount of a levy issued under these Regulations is not paid by the due date for payment as provided for in regulation 8, the new authority in question shall be liable to pay to the Residuary Body interest, calculated in accordance with the following provisions of this regulation, on the amount which remains unpaid after the date for payment.

(2) Interest payable under paragraph (1) shall be simple interest calculated from day to day on the unpaid amount from the due date of payment until the date when payment is made at a rate equivalent to 2 per cent. above the highest base rate quoted from time to time by any of the reference banks.

(3) For the purposes of paragraph (2) above—

(a)the reference banks are the seven largest institutions—

(i)authorised by the Bank of England under the Banking Act 1987(1); and

(ii)incorporated in and carrying on a deposit-taking business within the United Kingdom,

which quote a base rate in sterling, and

(b)the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown by its audited end-year accounts last published before the period for which interest is payable begins.

(4) In this regulation—

“a deposit-taking business” has the meaning given in section 6 of the Banking Act 1987 but subject to any order under section 7 of that Act; and

the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of Section 736 of the Companies Act 1985(2)).

(2)

1985 c. 6; section 736 was substituted by section 144(1) of the Companies Act 1989 (c. 40).

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