The Oil and Gas Authority (Levy and Fees) Regulations 2026
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7 Interest payable on late payment of the levy
(1) Where any amount of levy is not paid in accordance with a payment notice, the licensee is liable to pay to the OGA interest calculated in accordance with paragraph (2) on the amount of the levy which remains unpaid. (2) Interest payable under paragraph (1) is simple interest calculated from day to day on the unpaid amount beginning with the date by which the amount must be paid until the date when payment is made, at a rate of 5% over the Bank of England base rate from time to time. (3) Where the licensee is more than one person, the liability under this regulation is joint and several. (4) For the purpose of this regulation, the “Bank of England base rate” means— (a) the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or (b) where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
7 Interest payable on late payment of the levy
(1) Where any amount of levy is not paid in accordance with a payment notice, the licensee is liable to pay to the OGA interest calculated in accordance with paragraph (2) on the amount of the levy which remains unpaid. (2) Interest payable under paragraph (1) is simple interest calculated from day to day on the unpaid amount beginning with the date by which the amount must be paid until the date when payment is made, at a rate of 5% over the Bank of England base rate from time to time. (3) Where the licensee is more than one person, the liability under this regulation is joint and several. (4) For the purpose of this regulation, the “Bank of England base rate” means— (a) the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or (b) where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
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