Revenue Note for Guidance
This Chapter provides for interest on underpaid vacant homes tax, a surcharge for the late filing of a vacant homes tax return and the application of penalties for failing to comply with vacant homes tax requirements.
This section provides for interest on vacant homes tax paid late, to be applied.
(1) Interest applies from the date on which vacant homes tax becomes due and payable until it is paid in accordance with the formula for calculating the tax set out in subsection (2).
(2) This subsection provides the formula for determining the interest payable. The formula is:
T x D x R
where -
T is the vacant homes tax payable which remains unpaid,
D is the number of days (including part of a day) in the period during which the vacant homes tax remains unpaid, and
R is the rate, represented by P in the formula T x D x P in section 1080(2)(c) TCA 1997, that would apply under that formula if the vacant homes tax payable was tax, within the meaning of that section, and the period during which the vacant homes tax remains unpaid was the period of delay, within the meaning of that section.
(3) Interest on overdue tax will be:
(4) Subject to subsection (5), the following will apply to the recovery of unpaid interest and the interest will be treated as if it is unpaid tax:
(5) In legal proceedings for the recovery of interest, a certificate signed by a Revenue officer stating the amount of interest due and payable by the person against whom the proceedings have been instituted:
Relevant Date: Finance Act 2024