Published: 16 January 2009
Summary
HM Revenue & Customs interest rates reduction
HM Revenue & Customs (HMRC) announce a cut in the interest rates charged on late payments and paid on overpayments.
The reduced rates cover quarterly instalment payments and early payments of corporation tax not due by instalments. The new rates take effect from 19 January 2009.
Reduced rates covering late payments and overpayments of all other direct taxes, indirect taxes and national insurance contributions take effect from 27 January 2009.
Legislation effective from January 2009 now enables HMRC to act following Bank of England interest rate announcements much more quickly.
HMRC continues to look at ways to simplify and harmonise the rules for interest charged and paid across all taxes and duties. In June 2008 a consultation document was published 'Interest - working towards a harmonised regime'. This was followed in November 2008 by a further consultation document. Both documents are available to view on the HMRC website.
Full details of the rate changes are available on HMRC's website at http://www.hmrc.gov.uk/news/int-rate-news.htm.
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http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=390280&NewsAreaID=2 (HMTL)
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