Regulation 3

Any sum due to the Board by way of interest under section 9 of the Act must be paid to the Board within 14 days of a demand by the Board for such payment.

Where the Board has recovered any interest in respect of arrears of contributions, the Board must pay the whole or such part, as the Board may determine, of the interest that would have been payable on the contributions that were received late if those contributions had been paid on the due date.

Interest under section 9(1) of the Act is payable on the amount of a relevant contribution that an employer or a platform operator (as the case may be) is liable to pay for a particular calendar month, that remains unpaid on each day during the unpaid period, at whichever of the following rate results in the higher total interest payable by the employer or the platform operator (as the case may be) for the unpaid period of the relevant contribution:

In paragraph (3), the relevant contribution —

In paragraph (3), the unpaid period, in relation to a relevant contribution, starts on the first day of the calendar month following the calendar month for which the relevant contribution was payable.

To avoid doubt, where a person is both an employer and a platform operator, paragraph (3) applies separately to —