Late Payment of Commercial Debts (Interest) Act 1998 and VAT
Introduction The Late Payment of Commercial Debts (Interest) Act 1998 (“the 1998 Act”) entitles suppliers to statutory interest on unpaid commercial debts. Section 1(1) creates an implied term (in a contract to which the 1998 Act applies) that any qualifying debt created by the contract carries simple interest. The 1998 Act…
