865A Interest on repayments.
(1) Where a person is entitled to a repayment of tax for a chargeable period and that repayment, or part of the repayment, arises because of a mistaken assumption made by the Revenue Commissioners in the application of any provision of the Acts, that repayment or that part of the repayment shall, subject to
>section 1006A(2A)<, carry interest for each day or part of a day for the period commencing with the day after the end of the chargeable period or, as the case may be, the end of each of the chargeable periods for which the repayment is due or the date on which the tax was paid (whichever is the later) and ending on the day on which the repayment is made.
(2) Where, for any reason other than that mentioned in subsection (1), a repayment of tax or a part of a repayment is due to a person for a chargeable period, that repayment or the part of the repayment shall, subject to
>section 1006A(2A)<, carry interest for the period beginning on the day which is >6 months< after the day on which the claim to repayment becomes a valid claim and ending on the day the repayment is made.
(3) (a) Interest payable in accordance with this section shall be simple interest payable at the rate of 0.011 per cent per day or part of a day.
(b) The Minister for Finance may, from time to time, make an order prescribing a rate for the purpose of paragraph (a).
(c) Every order made by the Minister for Finance under paragraph (b) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under it.
(4) (a) Interest shall not be payable under this section if it amounts to less than €10.
(b) Income tax shall not be deductible on payment of interest under this section and such interest shall not be reckoned in computing income, profit or gains for the purposes of the Tax Acts.
(5) This section shall not apply in relation to any repayment or part of a repayment in respect of which interest is payable under any other provision of the Acts.