Those of you who are not going to get your tax paid on time (and remember 31 January is the deadline for many of us) may be interested to know that from 6 January 2008, the interest rate charged by the Revenue on late or overdue payments has been reduced. And so has the interest rate they will give you if you have made an overpayment.
The rate of interest charged on most taxes including income tax, national insurance contributions, capital gains tax and stamp duty land tax changes from 8.5 per cent to 7.5 per cent.
The rate of interest on overpaid income tax, national insurance contributions, capital gains tax, stamp duty and stamp duty land tax changes from 4.00 per cent to 3.00 per cent.
Full details can be found on the HMRC website: http://www.hmrc.gov.uk
About Giles
Giles is the founder and managing director of ContractStore. It was his idea to set up a company selling documents online and he has played a major part in the company's development.
He is an English solicitor, with over thirty years' experience of drafting and negotiating commercial and construction contracts in the UK and overseas. He has long been convinced that there is a quicker and simpler approach to the delivery and supply of most contracts, and he is an active proponent of the use of plain English in legal documents. He specialises in the drafting of construction and engineering contracts and as well as contributing contracts to the ContractStore website, he is co-author of the JCT Constructing Excellence Contract publiushed in 2007 (and its predecessor, the Be Collaborative Contract, which is available online from ContractStore).
