Section 49

Where any amount of debt due and payable under subsection

has not been paid by the due date, the amount of debt unpaid shall, without any further notice being served, be increased by an amount equal to ten per cent of the debt so unpaid, and the amount unpaid and the increase on amount unpaid shall be a debt due from the company to the Government and that debt shall be payable immediately to the

Director General.

This section shall apply where no dividend is paid pursuant to section 40 of the Finance Act 2007.

This section shall apply notwithstanding the company has exercised an irrevocable option under section 50 of the Finance Act 2007.

Any debt due under this section shall be recoverable as if it were tax due and payable under the principal Act.

Finance 43

Set-off for tax deducted