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Circular 9 2010 - Late Payment of Commercial Debts (Interest) Act 1998

13 Jan 2010

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

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