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Overpayment of tax.
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22.—(1) Where it is proved to the satisfaction of the Commissioners that the amount of tax or interest paid in respect of the taxable wealth of an assessable person on a valuation date exceeds the amount which that person was liable to pay, they shall repay the excess to the person who paid the excess, his nominee or personal representative or, at the option of the Commissioners, the excess, or such part of it as is required for that purpose, may be retained by them and set off against any liability of the assessable person in respect of tax or interest due and payable by the person who paid the excess at the time the repayment falls to be made, in respect of the taxable wealth of the assessable person on any other valuation date.
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(2) Where, under this section, any amount falls to be repaid or retained, there shall be added to such amount simple interest at the rate of 1.5 per cent. of the amount to be repaid or retained for each month or part of a month from the date of the payment of the excess giving rise to the repayment or from a date which is three months after the relevant valuation date, whichever is the later, to the date of the repayment or retention as the case may be:
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Provided that the reference in this subsection to a date which is three months after the relevant valuation date, shall, in relation to the valuation date in the year 1975, be construed as a reference to the 5th day of December, 1975.
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