HMRC reduce interest rates - in and out
HMRC has announced a cut in their interest rates, both those charged on late payments and those paid on tax overpaid.
The reduced rates for accounting periods ending on or after 1 July 1999, take effect from 19 January 2009:
- The rate of interest charged on underpaid instalment payments of corporation tax changes from 3% to 2.5%.
- The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 1.75% to 1.25%.
- The rate of interest on overpaid corporation tax reduces to 0%!
- The rate of interest on unpaid corporation tax changes from 4.5% to 3.5%.
The reduced rates that cover all other direct and indirect taxes, including national insurance contributions, take effect from 27 January 2009.
- The rate of interest charged on late payments of income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax reduces from 4.5% to 3.5%.
- The rate of interest on overpaid income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax reduces from 0.75% to 0%!
- The rate of interest for late payments or repayments of inheritance tax, capital transfer tax and estate duty changes from 2% to 1%.
Date: 23rd February, 2009
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
“Good luck to everyone who has also made it as a finalist, I look forward to awards evening later on in the year”-L… twitter.com/i/web/status/8…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole