Re: When does penalty interest kick in?

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04/06/2012 at 9:58 pm #15660
Billen Ben
Flatchatter
Chat-starter

    @Mr Strata said:
    Dear All,

    I believe that you may find that interest is calculated from the due date of the levies, ie 1 April.

    I believe that there has been plenty of legal precedent on this matter especially in relation to the collection of outstanding levies and from my experience interest has always been calculated on this basis.

    Mr S

    I recently emailed Alex Ilkin about this matter. Mr Ilkin says he has dealt with this type of question in the past and his book is correct, i.e. he is firmly of the opinion that the grace period is interest exempt.

    Refer to page 219 of the 4th edition.

    I would really like to read something from a case, if someone could supply something.

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