Tax & Accounting News

Changes to interest rates on overdue tax

08/08/07

Interest rates on overdue and overpaid tax have increased, with effect from 6 August 2007. The rates are now as follows:

Unpaid tax

- corporation tax (non-instalment payments), income tax, NIC, capital gains tax, SDLT, stamp duty, SDRT, VAT, insurance premium tax, landfill tax and air passenger duty: 8.5%;
- inheritance tax: 5.0%.

Overpaid tax

- income tax, NIC, capital gains tax, SDLT, stamp duty and SDRT: 4%;
- corporation tax (non-instalment payments), inheritance tax, VAT, insurance premium tax, landfill tax and air passenger duty: 5.0%.

 

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