Late Payment of Commercial Debt

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Posted: 12th of July 2012

The 'Late Payment' Act allows all businesses to claim interest and compensation for any late payment. Generally, the debt has to be indisputable and the allowable credit period must be at least 30 days.

The 'Late Payment' interest rate for the period from 1 July 2012 to 31 December 2012 is 8.5%.

This figure comprises the Bank of England base rate as at the 30 June 2012 (0.5%) plus the 8% uplift stipulated in the legislation

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