- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
41.—(1) In this regulation “civil penalty” means any penalty which—
(a)is imposed by or under these Regulations; and
(b)arises otherwise than in consequence of a person’s conviction for a criminal offence.
(2) Where a person is liable to a civil penalty, the regulator shall—
(a)assess the amount due by way of penalty; and
(b)notify the person liable to the penalty of that amount.
(3) Subject to regulation 32(10), a penalty shall be due on the day (the “due date”) following the expiry of a period of two months beginning on the date on which the person is notified by the regulator under paragraph (2)(b) and shall be paid to the regulator.
(4) Where a regulator makes an assessment under paragraph (2) of any penalty to which a person is liable the amount of that penalty shall carry interest for the period which—
(a)begins on the due date; and
(b)ends with the day before the day on which the assessed penalty is paid.
(5) Interest under this regulation shall be payable at a rate of one percentage point above LIBOR on a day to day basis.
(6) For the purposes of paragraph (5), “LIBOR” means the sterling three months London interbank offered rate in force during the period between the due date and the date on which the penalty is paid.
(7) Where an amount has been assessed and notified to any person under paragraph (2), the amount and any interest incurred under paragraph (4) shall be recoverable on demand.
(8) The regulator shall notify the appropriate authority of any penalty assessed under paragraph (2) and shall pass any civil penalties and any interest paid to it to the appropriate authority.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: