52Interest on, and extension of time for payment, of levy

52 Interest on, and extension of time for payment, of levy

52 Interest on, and extension of time for payment, of levy

(1) A levy amount that is not paid at or before the time it is due bears compound interest at the prescribed rate.

(2) Interest forms part of, and may be recovered as, unpaid levy.

(3) The Corporation may, if it considers that special circumstances warrant it doing so in any particular case, direct—

(a) that the time for payment of all or part of a levy amount be changed to a later time specified in the direction, or

(b) that the amount of any interest payable under subsection (1) be waived or reduced by an amount specified in the direction.

(4) Subsection (3) has effect despite sections 50 and 51.

(5) In this section prescribed rate means—

(a) except as provided by paragraph (b)—2% per calendar month, or part of a calendar month, or

(b) such other rate as is prescribed by the regulations.

Note.

See section 82 with respect to appeals.