Finance (Local Property Tax) Act 2012 section 150

Repayment of interest

Section 150 deals with the adjustment and repayment of interest where the amount of local property tax due is reduced after interest has already been paid.

• Where a local property tax liability is reduced after interest has been paid, the interest must be recalculated to reflect the reduced amount
• Any excess interest previously paid must be repaid to the liable person
• The aim is to put the liable person in the same position as if the reduced amount had been the correct liability all along
• Repayments of interest are subject to Revenue's right to offset amounts due against other tax liabilities under the general offset provisions