Interest is payable on the amount of any unpaid tax from the relevant date until the tax is paid.

For the purposes of this section the “relevant date” is the date for payment of the tax which is specified by the Scottish Ministers in regulations.

If an amount is lodged with Revenue Scotland in respect of the tax payable on a transaction, the amount on which interest is payable is reduced by that amount.

Interest under this section is calculated at the rate specified in provision made under section 220.