The Energy-Intensive Industry Electricity Support Payments and Levy Regulations 2024
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Change 1
30 Enforcement
(1) Where an electricity supplier does not make all or some of a payment as required by regulation 19 (levy payment obligation) or 23 (mutualisation), that supplier must pay the EII levy administrator simple interest on any unpaid amount at the rate of 5 per cent per annum over the relevant Bank of England base rate, from the day after the day on which that payment should have been made. (2) The relevant Bank of England base rate— (a) in respect of interest which starts to run on or after 1st January and before 1st July in any year, is the Bank of England base rate in force on 31st December in the previous year; (b) in respect of interest which starts to run on or after 1st July in any year, is the Bank of England base rate in force on 30th June in that year. (3) Any requirement to pay interest by virtue of these Regulations is a requirement to pay the amount of that interest before the first working day after the day on which that interest has accrued. (4) In this regulation, “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 is in force, any equivalent rate determined by the Treasury under that section. (5) Interest under paragraph (1) may not be charged in respect of any part of a payment required under regulation 19 which itself represents interest accrued in accordance with paragraph (1). (6) Where an electricity supplier does not make (all or some of) a payment as required by regulation 19 or 23, the EII levy administrator may recover any outstanding sum as a civil debt due to it, including any interest due under paragraph (1).
30 Enforcement
(1) Where an electricity supplier does not make all or some of a payment as required by regulation 19 (levy payment obligation) or 23 (mutualisation), that supplier must pay the EII levy administrator simple interest on any unpaid amount at the rate of 5 per cent per annum over the relevant Bank of England base rate, from the day after the day on which that payment should have been made. (2) The relevant Bank of England base rate— (a) in respect of interest which starts to run on or after 1st January and before 1st July in any year, is the Bank of England base rate in force on 31st December in the previous year; (b) in respect of interest which starts to run on or after 1st July in any year, is the Bank of England base rate in force on 30th June in that year. (3) Any requirement to pay interest by virtue of these Regulations is a requirement to pay the amount of that interest before the first working day after the day on which that interest has accrued. (4) In this regulation, “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 is in force, any equivalent rate determined by the Treasury under that section. (5) Interest under paragraph (1) may not be charged in respect of any part of a payment required under regulation 19 which itself represents interest accrued in accordance with paragraph (1). (6) Where an electricity supplier does not make (all or some of) a payment as required by regulation 19 or 23, the EII levy administrator may recover any outstanding sum as a civil debt due to it, including any interest due under paragraph (1).
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