Taxes Consolidation Act 1997 section 530Q

Interest

Section 530Q provides that interest is charged on unpaid RCT at a daily rate from the due date until the amount is paid.

• Where RCT or a surcharge due under the RCT chapter is not paid by the due date, simple interest is charged on the outstanding amount.
• Interest is payable to the Collector-General and runs from the due date until the date of payment.
• The rate of interest is 0.0274 per cent for each day or part of a day the amount remains unpaid.
• The interest charge applies to any amount due under the RCT chapter, whether tax or surcharge.