Prospective
5 After Article 171 (fraud compensation levy) insert—N.I.
“Fraud compensation levy: interest for late payment
171A—(1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a fraud compensation 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 Article is a debt due from the person to the Board.
(4) Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5) Without prejudice to the generality of paragraph (1), regulations under this Article may include provision relating to—
(a)the collection and recovery of interest;
(b)the circumstances in which interest may be waived.”.