HMRC - interest rate changes

May 2009

Due to the recent reduction in bank rate from 1% to 0.5%, on 6 March 2009, HMRC have made the following changes to its interest rate charges and supplements.

Interest rates from 6 March 2009

1.5% on unpaid corporation tax paid by instalments
0.25% on overpaid corporation tax

From 24 March 2009

2.5% on unpaid income tax, capital gains tax, National Insurance contributions and stamp duties
0% on similar overpaid taxes
0% on inheritance tax payable or refundable
2.5% on corporation tax not due by instalments 0% on overpaid corporation tax not due by instalment
2.5% on unpaid VAT

Readers may be intrigued to notice that no interest is now payable on late paid inheritance tax.