Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)
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Chapter 8
Calculation of interest on unpaid duty and other amounts
159D Calculation of interest on unpaid duty and other amounts.
(1) In this section—
“period of delay”, in relation to any unpaid duty or other amount referred to in a specified provision, means the period referred to in the specified provision in respect of which period interest is chargeable, charged, payable or recoverable, as the case may be, in accordance with that provision;
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“relevant period”, in relation to a period of delay which falls into more than one of the periods specified in column (1) of the Table to subsection (2), means any part of the period of delay which falls into, or is the same as, a period specified in that column;
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“specified provision” means any section of this Act other than section 126(7) which provides for interest to be charged, chargeable, payable or recoverable, as the case may be, in respect of any unpaid duty or other amount due and payable under that section.
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(2) The amount of interest charged, chargeable, payable or recoverable in respect of any unpaid duty or other amount due and payable or recoverable under a specified provision shall be the amount determined by the formula—
A × D × P
where—
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the period of delay, and
P is 0.0273 per cent.
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(2) The amount of interest charged, chargeable, payable or recoverable in respect of any unpaid duty or other amount due and payable or recoverable under a specified provision—
(a) where one of the periods specified in column (1) of the Table to this subsection includes or is the same as the period of delay, shall be the amount determined by the formula—
A × D × P
where—
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the period of delay, and
P is the appropriate percentage in column (2) of the Table to this subsection opposite the period specified in column (1) of the said Table within which the period of delay falls or which is the same as the period of delay,
and
(b) where a continuous period formed by more than one period specified in column (1) of the Table to this subsection, but not (as in subsection (a)) only one such period, includes or is the same as the period of delay, shall be the aggregate of the amounts due in respect of each relevant period which forms part of the period of delay, and the amount due in respect of each such relevant period shall be determined by the formula—
A × D × P
where—
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the relevant period, and
P is the appropriate percentage in column (2) of the Table to this subsection opposite the period specified in column (1) of the said Table within which the period of delay falls or which is the same as the relevant period.
Table | |
|---|---|
(Period) |
(Percentage) |
(1) |
(2) |
From 1 April 2005 to 30 June 2009 |
0.0273% |
From 1 July 2009 to the date of payment |
0.0219% |
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Inserted by FA05 s145(3). Applies as respects interest to be charged, chargeable, payable or recoverable, as the case may be, for any day or part of a day on or after 1 April 2005 in respect of any unpaid stamp duty or other amount due under the Stamp Duties Consolidation Act 1999 which is due to be paid whether before, on or after 1 April 2005.
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Inserted by FA09 s29(2)(a). Applies as respects any unpaid tax or duty, as the case may be, that has not been paid before 1 July 2009 regardless of whether that tax or duty became due and payable before, on or after that date.