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The full interest rate for companies wishing to apply the late payment
legislation will fall to 12.5% from 12.75% for the period 1st January to 30th
June 2006.
The legislation provides businesses with a statutory right to claim
interest and compensation on overdue commercial debts.
The late payment interest rate is set twice a year and is calculated by adding
8% to the reference rate, which is the Bank of England base rate on 30th June
and 31st December.
Source:
RedAlert
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