Interest and Administrative Charges Regulations

5 (1) For the purpose of subsection 155.1(1) of the Act and subject to sections 6 to 8, in all cases where an amount is owing to Her Majesty, interest calculated and compounded monthly at the average bank rate plus 3% is payable on that amount and accrues during the period beginning on the due date and ending on the day before the day on which payment is received by Her Majesty or an agent of Her Majesty.

(2) If a partial payment is made, the period for which interest is payable in respect of the amount paid ends on the day before the day on which the partial payment is received by Her Majesty or an agent of Her Majesty.