(1) Subject to subsection (4), any local property tax payable by -
(a) a liable person, or
(b) a person who is directed by the Revenue Commissioners to deduct local property tax under Chapter 1, 2 or 3, as the case may be, of Part 10,
shall carry interest from -
(i) the date on which the tax is payable, or
(ii) the last day of the period within which the tax is payable,
until payment and the amount of that interest shall be determined in accordance with subsection (2).
(2) The interest referred to in subsection (1) shall be determined by using the following formula:
T x D x R
where -
T is the local property tax payable which remains unpaid,
D is the number of days (including part of a day) in the period during which the local property tax remains unpaid, and
R is the rate, represented by P in the formula T x D x P in subsection (2)(c) of section 1080 of the Act of 1997, that would apply under that formula if the local property tax payable was tax, within the meaning of that section, an
…