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5.—(1) Subject to paragraph (2), in regulations 6 and 7 “Bank of England rate” for a day means the official bank rate as last announced at a meeting of the Bank of England Monetary Policy Committee held prior to that day.
(2) Where a day falls within three working days of a meeting at which an announcement referred to in paragraph (1) was made, the “Bank of England rate” for that day means the rate as determined under that paragraph as if that meeting had not taken place.
(3) In paragraph (2), “working day” means any day other than a non-business day (within the meaning of section 92 of the Bills of Exchange Act 1882(1)).
6. The late payment of tax or penalties interest rate for the purposes of section 217 (interest on unpaid tax) and section 218 (interest on penalties) of the Act is the percentage per annum found by applying the following formula—
7. The repayment interest rate for the purposes of section 219 of the Act (interest on repayment of tax overpaid etc.) is the higher of—
(a)0.5% per annum; and
(b)The Bank of England rate.
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Policy Note sets out a brief statement of the purpose of a Scottish Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Scottish Statutory Instrument accessible to readers who are not legally qualified and accompany any Scottish Statutory Instrument or Draft Scottish Statutory Instrument laid before the Scottish Parliament from July 2012 onwards. Prior to this date these type of notes existed as ‘Executive Notes’ and accompanied Scottish Statutory Instruments from July 2005 until July 2012.
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