Interest Rates for Late and Overpaid Taxes - Increase effective 6 December 2008

Written by Ian Congreave - Filed under: Interest Rates on December 8th, 2008

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Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 6 December 2008.
The rate of interest charged on income tax and NICs paid late decreases from 6½% to 5½%. The rate paid on overpaid tax and NICs reduces from 2¼% to 1½%.