Automatic Enrolment Retirement Savings System Act 2024
|
Chapter 6 Miscellaneous | ||
|
Interest on arrears of contributions | ||
|
138. (1) Any contribution payable by an employer shall carry interest from the date when the contribution becomes due and payable until payment and the amount of that interest shall be determined in accordance with subsection (2). | ||
(2) The interest referred to in subsection (1) shall be determined by the following formula— | ||
C x D x P | ||
where— | ||
C is the contribution due and payable which remains unpaid, | ||
D is the number of days (including part of a day) during which the contribution remains unpaid, and | ||
P is the rate of interest payable at a daily rate of 0.0274 per cent. | ||
(3) The interest payable under this section shall be— | ||
(a) payable without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Tax Acts, and | ||
(b) deemed to be a debt due to the Authority and shall be payable to the Authority. | ||
(4) In proceedings under this section— | ||
(a) a certificate signed by an authorised officer certifying that a stated amount of interest is due and payable by the person against whom the proceedings were instituted shall be evidence until the contrary is proven that that amount is so due and payable, and | ||
(b) a certificate so certifying and purporting to be signed as specified in this subsection may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by an authorised officer. | ||
(5) In this section, “Tax Acts” has the same meaning that it has in section 1 (2) of the Taxes Consolidation Act 1997 . |