PART 6INTEREST
CHAPTER 3RATES OF INTEREST
I1163Rates of late payment interest and repayment interest
1
The late payment interest rate is the rate provided for in regulations made by the Welsh Ministers.
2
The repayment interest rate is the rate provided for in regulations made by the Welsh Ministers.
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 a rate to be determined (and to change from time to time) by reference to a rate or an average of rates referred to in regulations;
c
may provide for rates to be reduced below, or increased above, what they would otherwise be by reference to specified amounts or 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 take place;
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.