The 'Late Payment' Act allows all businesses and public sector bodies to claim interest for the late payment of commercial debts.
The 'Late Payment' interest rate for the period from 1 January 2010 to 30 June 2010 is 8.5%. This figure comprises the Bank of England base rate on 31 December 2009 (0.5%) plus the 8% uplift stipulated in the 'Late Payment' legislation.
Tabulated interest rates and compensation levels applicable to outstanding debts are available from the CC&L Department.
For more information contact Paul Jackson, Commercial Adviser, Tel: 020 7313 4818 or email: Paul Jackson