Interest on refund of overpayment of tax

1  (1)  For section 371 of the Act, interest on money paid in excess of the tax due from a taxpayer

(a) shall be paid from the later of

(i)  September 1 of the year in which the taxes are due, or

(ii)  where the tax payment is made after July 2 of the year in which the taxes are due, the 61st day after the payment is made,

(b) shall be payable

(i)  during the period from the coming into force of this regulation until March 31, 1984 at the rate of 9%, and

(ii)  during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in every year, 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period, and

(c) shall be compounded monthly and calculated on the number of days since

(i)  the last compounding of interest, or

(ii)  where no compounding has occurred, the interest commencement date.

(1.1)  For sections 411 (3), 423 (2) (a) and 767 (5) of the Act, the interest rate, compounded monthly, shall be

(a) during the period from December 22, 1993 until December 31, 1993, 6%, and

(b) for each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in every year, 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

(2)  Subsections (1) and (1.1) do not operate to require the payment of an amount of interest less than $5.

(3)  For this section, interest stops running on the day

(a) an instrument capable of effecting payment of the money owed is delivered or mailed to the person to whom it is owed, or

(b) payment is made.

[am. B.C. Regs. 121/86; 432/93.]

 Rates under section 646

2  Where a municipal council imposes a rate under section 646 of the Local Government Act, it shall adopt the same relationships between the tax rates as it adopts under section 359 (1) (a) of that Act.

[en. B.C. Reg. 120/84, s. 1.]

 Improvement districts — relationships between rates

3  Where the trustees of an improvement district levy a tax under section 757 of the Act the relationships between tax rates, expressed as ratios of the rate on each property class to the rate on Class 1 shall, for the year shown in the schedule for that year, be the relationships in that schedule.

 Section 359 (1) (b)

4  Where a municipal council imposes a rate under section 359 (1) (b) of the Local Government Act on the basis provided in section 818 (1) (d), (e) or (f)¹ of that Act, the relationships between rates levied on that basis shall be the relationships shown in the Schedule.

[en. B.C. Reg. 120/84, s. 2; am. B.C. Reg. 50/89.]

 Penalty

5  If a portion of the taxes referred to in section 366 (1) of the Local Government Act for a parcel of land and its improvements on the assessment roll remains unpaid on July 2 of the year those taxes are levied,

(a) the collector must add to the unpaid taxes for the parcel and improvements for the current year a penalty equal to 10% of the portion, and

(b) the penalty referred to in paragraph (a) is due as part of the taxes for the current year for that parcel and improvements.

[en. B.C. Reg. 63/2000.]