Payment of interest
105 Payment of interest
In addition to an amount refunded under this Division, the Chief Commissioner is required, subject to section 19, to pay interest on the amount calculated on a daily basis from the date of its payment by the taxpayer until the date of the refund at the market rate component under section 22.
The requirement under this section to pay interest on an amount refunded to the taxpayer extends, subject to section 19, to an amount of land tax or payroll tax paid by and refunded to any other member of a group to which the taxpayer belongs if—
(as a consequence of the objection of the taxpayer being allowed in whole or in part or the review being successful) the Chief Commissioner makes a reassessment of the amount of land tax or payroll tax the other member of the group is liable to pay, and
the reassessment shows that the other member of the group is entitled to the refund.
In this section—
group has the same meaning as in—
section 29 (7) of the Land Tax Management Act 1956, in the case of land tax, or
the Payroll Tax Act 2007, in the case of payroll tax.
land tax has the same meaning as in the Land Tax Management Act 1956.
payroll tax has the same meaning as in the Payroll Tax Act 2007.
This Act’s bill:Explanatory memorandumSecond reading speech
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