Finance Act, 1975

Interest on unpaid taxes.

28.—(1) This section applies to interest chargeable under—

(a) section 14 of the Finance Act, 1962 ,

(b) section 129 of the Income Tax Act, 1967 ,

(c) section 550 of the said Income Tax Act, 1967 ,

(d) section 17 (6A) of the Finance Act, 1970 ,

(e) sections 20 (2) and 50 (2) of the Finance Act, 1971 , and

(f) section 21 of the Value-Added Tax Act, 1972 .

(2) Where any interest to which this section applies is chargeable for any month commencing on or after the 6th day of April, 1975, or any part of such a month, in respect of tax due to be paid or remitted whether before, on or after such date, such interest shall be chargeable at the rate of 1.5 per cent. for each month or part of a month instead of at the rate specified in the said sections and those sections shall have effect as if the rate aforesaid were substituted for the rates specified in those sections.

(3) In this section “tax” means income tax, sur-tax, corporation profits tax or value-added tax, as may be appropriate.