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

Written by Ian Congreave - Filed under: Interest Rates on November 3rd, 2008

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 November 2008.

The rate of interest charged on income tax and NICs paid late decreases from 7½% to 6½%. The rate paid on overpaid tax and NICs reduces from 3% to 2¼ %.

The rates have therefore reverted to their levels prior to 6 September 2006.

Further information:
HM Revenue & Customs interest rates
View the previous news item for P11D Interest Rates

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Written by Ian Congreave -

Filed under: Interest Rates on November 3rd, 2008