HM Revenue & Customs Interest Rates reduced
January 7th, 2008 by GilesThose 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