| Act of Parliament | |
 | |
| Long title | An Act to make provision with respect to interest on the late payment of certain debts arising under commercial contracts for the supply of goods or services; and for connected purposes. |
|---|---|
| Citation | 1998 c. 20 |
| Dates | |
| Royal assent | 11 June 1998 |
Status: Current legislation | |
| Text of statute as originally enacted | |
| Text of the Late Payment of Commercial Debts (Interest) Act 1998 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Late Payment of Commercial Debts (Interest) Act 1998[1] (c. 20) is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to England, Scotland and Northern Ireland.
Originally, it was only designed to give small and medium-sized businesses (with 50 or fewer employees) the right to charge interest to larger businesses and public sector organizations of any size.