Interest Rates for Late and Overpaid Taxes – New calculation methods

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Following on from last week’s announcement of measures to rationalise the setting of HMRC’s interest rates for late and overpaid taxes, HMRC has announced that the rates will be recalculated according to the new rules after the September 2009 meetings of the Monetary Policy Meeting. Even if there is no change to the Bank of England base rate, the interest rate paid on overpaid tax will increase to 0.5%. The changes will not be retrospective.

Further information:
Streamlining HMRC’s interest rates

This entry was posted on Wednesday, August 5th, 2009 at 05:00 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.