737Increase of penalty amounts

737 Increase of penalty amounts (1) This section applies to the penalty stated at the end of a provision for an offence (including a penalty whose amount has already been increased by a previous application or applications of this section).

(2) At the start of 1 July of each year, beginning with 1 July 2014, the amount of each penalty is increased, from the amount that applied immediately before that 1 July, in accordance with the method prescribed by the national regulations for the purposes of this section. In some circumstances, the operation of the method can result in no increases occurring on a particular 1 July. (2A) To remove any doubt, the maximum fine limits mentioned in section 730(3)(b) do not limit the application of subsection (2). (3) A recommendation of the responsible Ministers for national regulations prescribing a method for the increase of penalties can not be made unless the responsible Ministers are satisfied that the method generally accords with increases in relevant inflation indexes or similar indexes. (4) As soon as practicable but before 1 July of each year, the Regulator must publish on the Regulator’s website the amounts of each penalty applying as from that date.