statutory interest

Statutory interest does not apply when you sell to the public.

Statutory interest can be claimed after late payment has been received.

If the loan has already been paid, then it is simply claiming everything back plus statutory interest.

As the warrant can only be sought on a judgment debt of £5,000 or less, statutory interest is not recoverable.

A contract can't exclude statutory interest, but it is not compulsory to claim it.

Creditors will be entitled to charge a statutory interest rate of 7% on their debts, encouraging debtors to pay early.

See Notice 212 Statutory interest and repayment of overpaid excise, for further information.

Information about when default and statutory interest are applied, how the rates are calculated and the dates the changes come into effect.

Statutory interest and repayment of overpaid excise (Update 1)

HMRC is required to apply a formula to calculate the rates for default and statutory interest.

Purchasers cannot contract out of late payment legislation - ie they cannot deny the supplier their right to, for example, charge statutory interest.

In other words it should cover the cost of late payment or deter late payment and should be a fair alternative to statutory interest.

The original legislation was altered from 1 November 2000 to allow small businesses to claim statutory interest from other small businesses.

Further information on interest paid by us can be found in Notice 212 Statutory interest and repayment of overpaid excise duty.

The "statutory interest" rate chargeable, which is simple and not compound, is the Bank of England base rate plus 8%.

Statutory interest can be claimed under the Late Payment of Commercial Debts (Interest) Act 1998.

We also have powers to assess for recovery of any refunds of VAT and statutory interest which were wrongly paid or credited to you.

VAT Repayment Claims and Statutory Interest - Treatment for the purposes of Direct Tax.

Under some circumstances, HMRC may charge interest, known as default interest, or pay interest, known as statutory interest.

The statutory interest rules continue to apply where there is a set-off such that any repayment supplement due on the overpayment will run only to the date of set-off.

Departmental interest rates To provide details of application, calculation and rates for default and statutory interest applied by HM Revenue & Customs.

The statutory interest rate is usually fixed around the average overdraft rate, but you may be able to charge more if you have a private arrangement for interest in your terms of sale.

In California, for instance, the supersedeas bond amount must be 150% of the judgment amount, whereas in Florida, the amount may include two years of statutory interest for those fees.

The letter, Mr. Smith said in his affidavit, "made me face the fact that I had been an agent of the state, seeking to have Mr. Tucker executed rather than ethically protecting his constitutional and statutory interest."

Usually lower statutory interest rates apply under the County Court (Interest on Judgment Debts) Order 1991, but this it excluded judgment debts on consumer credit agreements under the Consumer Credit Act 1974.