International Arbitration Act 1974

Where an arbitral tribunal determines to make an award for the payment of money (whether on a claim for a liquidated or an unliquidated amount), the tribunal may, subject to subsection (2), include in the sum for which the award is made interest, at such reasonable rate as the tribunal determines on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.

Subsection (1) does not:

authorise the awarding of interest upon interest;

apply in relation to any amount upon which interest is payable as of right whether by virtue of an agreement or otherwise; or

affect the damages recoverable for the dishonour of a bill of exchange.