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This regulation deals with interest due on amounts overpaid by the contractor.

»Ê¹ÚÌåÓýapp regulation should be applied to amounts repaid to a contractor after the end of thetax 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 therelevant time until the order for repayment is made: SI2005/2045 reg 15(2).

»Ê¹ÚÌåÓýapp ‘relevant timeâ€� is defined at SI2005/2045 reg 15(3).

Any changes in the prescribed rate should be applied to the amount to be repaid from thedate of the change: SI2005/2045 reg 15(4).

»Ê¹ÚÌåÓýapp ‘prescribed rateâ€� is defined at SI2005/2045 reg 15(5).

ENABLING PROVISION � FA04/S71 (1)