Industrial Tribunals Act 1996

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 industrial 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 industrial 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 [1838 c. 110.] Judgments Act 1838 as that enactment has effect from time to time.