PART IF2Employment Tribunals
F3Financial penalties
S. 12A and cross-heading inserted (25.4.2013 for specified purposes, 6.4.2014 in so far as not already in force) by Enterprise and Regulatory Reform Act 2013 (c. 24), ss. 16(1), 103(1)(i), (3); S.I. 2014/253, art. 3(e)
14 Interest.
1
The Secretary of State may by order made with the approval of the Treasury provide that sums payable in pursuance of decisions of F1employment tribunals shall carry interest at such rate and between such times as may be prescribed by the order.
2
Any interest due by virtue of such an order shall be recoverable as a sum payable in pursuance of the decision.
3
The power conferred by subsection (1) includes power—
a
to specify cases or circumstances in which interest is not payable,
b
to provide that interest is payable only on sums exceeding a specified amount or falling between specified amounts,
c
to make provision for the manner in which and the periods by reference to which interest is to be calculated and paid,
d
to provide that any enactment—
i
does or does not apply in relation to interest payable by virtue of subsection (1), or
ii
applies to it with such modifications as may be specified in the order,
e
to make provision for cases where sums are payable in pursuance of decisions or awards made on appeal from F1employment tribunals,
f
to make such incidental or supplemental provision as the Secretary of State considers necessary.
4
In particular, an order under subsection (1) may provide that the rate of interest shall be the rate specified in section 17 of the M1Judgments Act 1838 as that enactment has effect from time to time.
Words in part heading substituted (1.8.1998) by 1998 c. 8, s. 1(2)(b) (with s. 16(2)); S.I. 1998/1658, art. 2(1), Sch. 1