This regulation deals with interest due on amounts overpaid by
the contractor.
The regulation should be applied to amounts repaid to a
contractor after the end of the tax year in which the payment was
made: SI2005/2045 reg 15(1).
Interest should be calculated at the prescribed rate and
applied to amount repaid from the relevant time until the order for
repayment is made: SI2005/2045 reg 15(2).
The 'relevant time' is defined at SI2005/2045 reg 15(3).
Any changes in the prescribed rate should be applied to the
amount to be repaid from the date of the change: SI2005/2045 reg
15(4).
The 'prescribed rate' is defined at SI2005/2045 reg 15(5).
ENABLING PROVISION – FA04/S71 (1)
