HMRC - interest rate changes
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.