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24 November 2008
With effect from 6 December
HMRC have again cut the rates of interest on late payments and repayments of taxes, both direct and indirect, as a result of recent changes in market rates.
The move follows cross-the-board reductions last month and includes a decrease to 5.5% from 6.5% in the rate charged on late-paid income tax, National Insurance contributions, capital gains tax and stamp taxes. The rate of overpayment on all these levies, meanwhile, has been trimmed from 2.25% to 1.5%.
The new rates will take effect from 6 December, and full details can be found on the Revenue's website.
