3After section 117 (PPF administration levy) insert—
(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.”