SCHEDULES

SCHEDULE 8 Appeals

Part II Rules

Interest

10

1

Rules may make provision—

a

as to the circumstances in which the tribunal may order that interest is payable;

b

for the manner in which and the periods by reference to which interest is to be calculated and paid.

2

The rules may, in particular, provide that compound interest is to be payable if the tribunal—

a

upholds a decision of the Director to impose a penalty, or

b

does not reduce a penalty so imposed by more than a specified percentage,

but in such a case the rules may not provide that interest is to be payable in respect of any period before the date on which the appeal was brought.