Interest on refunded pre-deposits runs from the deposit date until realisation at the prescribed annual rate.

Interest on a refunded appellate pre-deposit is payable at 12% per annum from the date of deposit until realisation. The deposited amount continues to retain the character of a pre-deposit, and the applicable precedent on delayed refund supports interest for the entire period between deposit and refund. The stated legal effect is entitlement to interest at that rate on the refunded pre-deposit until payment is realised.

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Issues: Whether interest on refund of a pre-deposit is payable at 12% per annum from the date of deposit until its realisation.

Analysis: The amount deposited pursuant to the appellate pre-deposit requirement retained the character of a pre-deposit. Applying the precedent governing delayed refund of such deposits, interest was held payable from the date of deposit until refund, and the applicable rate was fixed at 12% per annum.

Conclusion: The appellant is entitled to interest at 12% per annum on the refunded pre-deposit from the date of deposit until its realisation.

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