117AAdministration levy: interest for late payment

1

Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration levy.

2

Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.

3

Interest payable by a person by virtue of this section is a debt due from the person to the Secretary of State.

4

Interest is recoverable by the Secretary of State or, if the Secretary of State so determines, by the Regulator on the Secretary of State’s behalf.

5

Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—

a

the collection and recovery of interest;

b

the circumstances in which interest may be waived.