Interest on an overdue Class 1A contributionU.K.
76.—(1) Where an employer has not paid a Class 1A contribution, which he is liable to pay, by the date which applies to him under regulation 71(1), 72(2) or 73(2) (as the case may be), any contribution not so paid shall carry interest at the rate applicable under paragraph 6(3) of Schedule 1 to the Act from the reckonable date until payment.
(2) Interest payable under this regulation shall be recoverable as if it were a Class 1A contribution which an employer is liable to pay to the Board under regulation 71(1), 72(2) or 73(2), as the case may be).
(3) A contribution to which paragraph (1) applies shall carry interest from the reckonable date even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882F1.
(4) A certificate of the Board that any amount of interest payable under this regulation has not been paid to the Board or, to the best of the Board’s knowledge and belief, to any person acting on their behalf, shall be sufficient evidence that the employer is liable to pay to the Board the amount of interest shown on the certificate and that the sum is unpaid and due to be paid, and any document purporting to be such a certificate shall be deemed to be a certificate until the contrary is proved.
(5) For the purposes of this regulation, “the reckonable date” means the 19th July [F2or where payment is made by an approved method of electronic communications in respect of earnings paid after 5th April 2004, the 22nd July] in the year immediately following the end of the year in respect of which the Class 1A contribution is payable to the Board.
Textual Amendments
F11882 c. 61: section 92 was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).
F2Words in reg. 76(5) inserted (6.4.2004) by The Social Security (Contributions, Categorisation of Earners and Intermediaries) (Amendment) Regulations 2004 (S.I. 2004/770), regs. 1(1), 19