Interest on arrears
12.12 Interest on arrears
Interest accrues day by day on any amount payable to the Crown under this Act and unpaid 28 days (or any other period that may be prescribed by the regulations) after the due date.
The interest is to be calculated as from the due date at the rate prescribed by the regulations for the purpose of this subsection during the period in which the amount was outstanding.
This section does not apply to an amount that has become payable to the Crown in respect of an incomplete purchase because the purchase has been transferred.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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