amended

Late Payment of Invoices (2002)

A User’s Guide to late payment legislation – The Late Payment of Commercial Debts (Interest) Act 1998, as amended and supplemented by the Late Payment of Commercial Debts Regulations 2002 Introduction Your rights The United Kingdom was one of the first countries in the European Union to implement late payment legislation to help promote a culture of prompt payment. There has been a statutory right to interest for late payment for small firms owed money by large firms or the public sector since 1 November 1998, when the Late Payment of Commercial Debts (Interest) Act 1998 came into force. The Act was to have been introduced in 3 distinct phases and until 7 August 2002 phase 2 is in force. This allows small businesses to charge each other statutory interest, as well as large busi... »