149 Interest on overdue tax.

(1) Subject to subsection (4), any local property tax payable by—

(a) a liable person, or

(b) a person who is directed by the Revenue Commissioners to deduct local property tax under Chapter 1, 2 or 3, as the case may be, of Part 10,

shall carry interest from—

(i) the date on which the tax is payable, or

(ii) the last day of the period within which the tax is payable,

until payment and the amount of that interest shall be determined in accordance with subsection (2).

(2) The interest referred to in subsection (1) shall be determined by using the following formula:

T × D × R

where—

T is the local property tax payable which remains unpaid,

D is the number of days (including part of a day) in the period during which the local property tax remains unpaid, and

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R is the rate of 0.0219 per cent.

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R is the rate, represented by P in the formula T x D x P in subsection (2)(c) of section 1080 of the Act of 1997, that would apply under that formula if the local property tax payable was tax, within the meaning of that section, and the period during which the local property tax remains unpaid was the period of delay, within the meaning of that section.

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(3) The interest payable under this section—

(a) shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Tax Acts,

(b) may be collected and recovered in like manner as an amount of local property tax,

(c) shall be payable to the Collector-General, and

(d) shall be deemed to be a debt due to the Minister for the benefit of the Central Fund.

(4) Where a liable person—

(a) elects for a method of payment in a return, and

(b) pays the amount of local property tax in the self-assessment in the return in accordance with that method,

interest shall not be charged.