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Payment of tax and interest on tax.
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18.—(1) Tax shall be due and payable on the valuation date.
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(2) Simple interest at the rate of 1.5 per cent. per month or part of a month, without any deduction of income tax, shall be payable upon tax from the valuation date upon which it becomes due and payable until the date of payment and shall be chargeable and recoverable in the same manner as if it were part of the tax:
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Provided that interest shall not be payable unless the total amount thereof exceeds £5.
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(3) Notwithstanding the foregoing, interest shall not be payable upon tax which is paid within three months of the valuation date upon which it becomes due and payable and, where tax and interest thereon (if any) are paid within 30 days of the date of the assessment thereof, interest shall not run for the period from the date of the assessment to the date of payment:
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Provided that interest shall not be payable upon tax which is paid before the 5th day of December, 1975.
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(4) A payment on account of tax shall be applied—
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(a) if there is interest due on tax at the date of the payment, to the discharge, so far as may be, of the interest so due; and
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(b) if there is any balance of that payment remaining, to the discharge of so much tax as is equal to that balance.
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(5) Subject to the foregoing, payments on account of tax due on a valuation date may be made at any time after that date, whereupon interest on so much of the payment on account as is referable to tax shall cease to run.
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(6) All sums due under the provisions of this Act shall be paid to the Accountant-General, Revenue Commissioners, Dublin, 2.
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