Interest on tax overpayments
McCreevy asked how much interest Revenue paid on overpaid income and corporation tax. Dukes explained interest is paid in specified appeal cases and gave annual figures rising from £683,126 in 1979–80 to £3,781,105 in 1983–84; the 1984–85 figure was not yet available.
asked the Minister for Finance the amount of interest paid by the Revenue Commissioners on overpayment of corporation tax and income tax for the years 1979 to 1984, inclusive.
Comment on this
Interest is payable by the Revenue Commissioners in respect of income tax and corporation tax overpaid only where a taxpayer appeals against an assessment, pays a specified amount of tax in respect of that assessment and, following determination of the appeal, is found to have paid tax in excess of the amount properly due.
The amounts of interest which have been paid in respect of income tax and corporation tax overpaid are as follows: 1979-80, £683,126; 1980-81, £766,911; 1981-82, £1,622,953; 1982-83, £2,124,187; 1983-84, £3,781,105 and 1984-85, not yet available.
A breakdown of these figures between income tax and corporation tax is not available.
