21. Overpayments
Where the business rate has been overpaid the
overpayment may be refunded or offset against another liability of
the ratepayer. The refund or offset will be done as soon as
practicable except that a 35 day delay must follow an overpayment
caused as the result of a Valuation Tribunal or Lands Tribunal
decision so as to provide for the 'appeal time'.
Where the overpayment is as a result of an
amendment to the local rating list and no liability order for the
liability was obtained before the payment was made then interest
will be paid on the overpayment. The interest will be calculated
for the period from the effective date of the amendment up to the
date the refund is made or offset.
21.1
Interest
The
rate of interest for a year is to be 1% less than the banks base
rate on the 15
th of March, or next working day if that
is a weekend, prior to the start of the year. 'The year' is to be
taken as the April to March business rate year. If there is no
single base rate then the rates quoted should be ranked from
highest to lowest and the rate to be used will be 1% less than the
base rate ranked 4
th.