Taxes Consolidation Act 1997 section 531AAM

Interest on overdue defective concrete products levy

Section 531AAM provides for interest to be charged on unpaid amounts of defective concrete products levy.

• Interest accrues at a rate of 0.0219 per cent for each day or part of a day that defective concrete products levy remains unpaid from its due date.
• Interest also applies to amounts payable following false declarations regarding ready to pour concrete and to repayments due following incorrect or fraudulent refund claims.
• The interest collection and evidence provisions of section 1080 apply to interest charged on unpaid defective concrete products levy.
• Interest payable on unpaid defective concrete products levy is not treated as an annual payment from which income tax must be withheld at the standard rate.