Chapter 6

Interest on overdue tax, surcharge for late filing and penalties

653BE. Interest on overdue tax

(1) Subject to subsection (4), any vacant homes tax payable by a chargeable person shall carry interest from the date on which the tax becomes due and 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 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), 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) The interest payable under this section—

(a) shall be payable without deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Tax Acts,

(b) shall be deemed to be a debt due to the Minister for Finance for the benefit of the Central Fund, and

(c) shall be payable to the Revenue Commissioners.

(4) Subject to subsection (5)—

(a) every enactment relating to the recovery of tax,

(b) every rule of court so relating,

(c) section 81 of the Bankruptcy Act 1988, and

(d) sections 440 and 621 of the Companies Act 2014,

shall apply to the recovery of any amount of interest payable on vacant homes tax as if that amount of interest were a part of that tax.

(5) In proceedings instituted by virtue of subsection (4)—

(a) a certificate signed by an officer of the Revenue Commissioners certifying that a stated amount of interest is due and payable by the person against whom the proceedings were instituted shall be evidence until the contrary is proven that that amount is so due and payable, and

(b) a certificate so certifying and purporting to be signed as specified in this subsection may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by an officer of the Revenue Commissioners.