Part 7Administration
Interest
I6I2I5I7I4C5C2C9C6C12C8C4C10C11C1C7I3I1C3103Rates of interest
1
The late payment interest rate is the rate provided for in regulations made by the Treasury under this subsection.
2
The repayment interest rate is the rate provided for in regulations made by the Treasury under this subsection.
3
Regulations under subsection (1) or (2)—
a
may make different provision for different purposes,
b
may either themselves specify a rate of interest or make provision for such a rate to be determined (and to change from time to time) by reference to such rate, or the average of such rates, as may be referred to in the regulations,
c
may provide for rates to be reduced below, or increased above, what they otherwise would be by specified amounts or by reference to specified formulae,
d
may provide for rates arrived at by reference to averages to be rounded up or down,
e
may provide for circumstances in which alteration of a rate of interest is or is not to be take place, and
f
may provide that alterations of rates are to have effect for periods beginning on or after a day determined in accordance with the regulations in relation to interest running from before that day as well as from or from after that day.