1 Citation and commencement

(1)    These Regulations may be cited as the Companies (Interest Rate for Unauthorised Political Donation or Expenditure) Regulations 2007.

(2)    These Regulations shall come into force on 1st October 2007 for the purpose of their application to Great Britain and on 1st November 2007 for the purpose of their application to Northern Ireland.

NOTES
Initial Commencement
Specified date

Specified date (in relation to Great Britain): 1 October 2007: see para (2) above..

Specified date (in relation to Northern Ireland): 1 November 2007: see para (2) above.

2 Rate of Interest

2Rate of Interest

For the purposes of section 369(5)(b) of the Companies Act 2006 the rate of interest shall be 8% per annum.

NOTES
Initial Commencement
Specified date

Specified date (in relation to Great Britain): 1 October 2007: see reg 1(2).

Specified date (in relation to Northern Ireland): 1 November 2007: see reg 1(2).

Signature

Stephen Timms

Minister of State for Competitiveness

Department for Business, Enterprise and Regulatory Reform

25th July 2007

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

Where a company has made a political donation or incurred political expenditure without the authorisation required by the Companies Act 2006 the directors are liable to make good to the company the amount of the unauthorised donation or expenditure with interest.

Regulation 2 sets the rate of interest to be applied at 8% per annum.

An impact assessment has not been produced for these Regulations as no impact on the private or voluntary sectors is foreseen.