Taxes Consolidation Act 1997 section 865A

Interest on repayments

Section 865A provides for a general scheme of interest payable by Revenue on repayments of income tax, corporation tax and capital gains tax, distinguishing between repayments arising from a Revenue mistake and all other repayments.

• Where a repayment arises because of a mistaken assumption by Revenue, interest runs from the day after the end of the chargeable period (or the date the tax was paid, if later) until the repayment is made.
• For all other repayments, interest runs from 93 days after the date on which the claim becomes a valid claim until the repayment is made.
• The interest rate is 0.011% per day or part of a day (simple interest), and no interest is payable if it amounts to less than €10.
• Interest on repayments is paid without deduction of tax and is not taxable; no interest is payable under this section where interest is already due under another provision of the Acts.