Section 103 | Rates 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.