245Accrual of interest on overdue rates

245 Accrual of interest on overdue rates (1) If rates are not paid by the due date, interest accrues on the amount of the unpaid rates at the relevant interest rate. If the ratepayer defaults in payment, all remaining instalments become due and payable. Interest therefore accrues on the total amount of the unpaid rates and not merely the amount of the instalment (see section 244(2)). (2) Interest is calculated on a daily basis on the amount in default (exclusive of interest) from the due date until the date of payment. (3) A council may fix a rate of interest as the relevant interest rate for a (4) However, a council must not vary a rate of interest previously fixed as the relevant interest rate.