Finance Act, 1998

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Interest on unpaid or overpaid taxes.

133.—(1) The Taxes Consolidation Act, 1997 , is hereby amended—

(a) in sections 240(3)(a), 531(9) and 991(1) and paragraphs (a) and (b) of section 1080(1), by the substitution of “1 per cent” for “1.25 per cent” in each place where it occurs, and

(b) in section 953(7), by the substitution of “0.5 per cent” for “0.6 per cent”.

(2) The Finance Act, 1983 , is hereby amended—

(a) in section 105(1), by the substitution of “1 per cent” for “1.25 per cent.”, and

(b) in section 107(2), notwithstanding Regulation 3 of the Payment of Interest on Overpaid Tax Regulations, 1990 ( S.I. No. 176 of 1990 ), by the substitution of “0.5 per cent” for “1.25 per cent.”.

(3) Section 46 of the Finance Act, 1978 , is hereby repealed in so far as it relates to value-added tax.

(4) The Capital Acquisitions Tax Act, 1976 , is hereby amended—

(a) in section 41(2), as construed by reference to section 43 of the Finance Act, 1978 , by the substitution of “1 per cent” for “1.25 per cent.”, and

(b) in section 46(1), notwithstanding Regulation 3 of the Payment of Interest on Overpaid Tax Regulations, 1990, by the substitution of “0.5 per cent” for “one per cent.”.

(5) The Wealth Tax Act, 1975 , is hereby amended—

(a) in section 18(2), by the substitution of “1 per cent” for “1.5 per cent.”, and

(b) in section 22(2), by the substitution of “0.5 per cent” for “1.5 per cent.”.

(6) This section shall apply as respects interest chargeable or payable under—

(i) sections 240, 531, 953, 991 and 1080 of the Taxes Consolidation Act, 1997 ,

(ii) sections 105 and 107 of the Finance Act, 1983 ,

(iii) sections 41 and 46 of the Capital Acquisitions Tax Act, 1976 ,

(iv) sections 18 and 22 of the Wealth Tax Act, 1975 , and

(v) section 21 of the Value-Added Tax Act, 1972 ,

for any month, or any part of a month, commencing on or after the date of the passing of this Act, in respect of an amount due to be paid or remitted or an amount due to be repaid or retained, as the case may be, whether before, on or after that date in accordance with those provisions.