(1) Where any person fails to pay tax, being the whole or part of—
(a) an instalment of tax due and payable under section 113; or
(b) the remainder of any tax charged under section 114,
by the due date he or she is liable to a penalty of 10% of the amount of such tax.
(2) The penalty imposed by this section is in addition to any interest payable under section 115.