Commentary Section 13 Interest
78.This section gives the Treasury power to make regulations concerning the charging and payment of interest on amounts due to, and payable by, the Commissioners.
79.Subsection (1) enables regulations to be made providing for interest to be charged by HMRC, in prescribed circumstances, on any amount payable to the Commissioners under this Act.
80.Regulations under subsection (2) may also provide for HMRC to pay interest where an amount claimed by an account provider under section 11(3)(a) is paid later than the due date set out in regulations.
81.Subsection (3) enables regulations to set the rate at which interest is to be paid, the way in which that rate is to be determined, and the period in respect of which interest is to be paid. Regulations may also provide that interest payable to the Commissioners is to be treated for the purposes of Part 6 of the Taxes Management Act 1970(13) as tax due under an assessment, enabling HMRC to collect these sums in the same way as tax due.