HMRC have announced new rates of interest for quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999.
These new rates take effect from 21 April 2008.
The rate of interest charged on underpaid instalment payments of corporation tax changes from 6.25% to 6%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 5% to 4.75%.