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Interest.
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21.—(1) Where any amount of tax becomes payable under section 19 (3) and is not paid, simple interest on the amount shall be paid by the accountable person, and such interest shall be calculated from the date on which the amount became payable and at a rate of 1 per cent. for each month or part of a month during which the amount remains unpaid:
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Provided that if the amount of the interest as so calculated is less than £5, the amount of interest payable shall be £5.
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(2) Subsection (1) shall apply—
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(a) to tax recoverable by virtue of a notice under section 22 as if the tax were tax which the person was liable to pay for the respective taxable period or periods comprised in the notice, and
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(b) to tax recoverable by virtue of a notice under section 23 as if the tax were tax which the person was liable to pay for the taxable period during which the period of fourteen days from the date of the service of the notice expired or the appeal provided for in that section was determined by agreement or otherwise, whichever taxable period is the later.
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