Revenue Scotland and Tax Powers Act 2014 section 220

Rates of interest

Section 220 explains how the rates of interest charged on late payments, and paid on overpayments, are determined by the Scottish Ministers through regulations.

• The rate of interest applying to late payment interest, repayment interest, and interest on penalties is set by Scottish Ministers through regulations.
• Different interest rates may be specified for different devolved taxes or for different types of penalties.
• The regulations may set out the circumstances in which a change in the interest rate does or does not take effect.
• Where an interest rate is changed, the regulations may provide for the new rate to apply to interest that has been running from a date before the change took effect.