HM Revenue & Customs
interest rates - Quarterly instalment payments, and early payments
of Corporation Tax not due by instalments
HM REVENUE AND
CUSTOMS News Release (Ref:NAT 18/08) issued by The Government News
Network on 16 April 2008
New rates of
interest are announced today. They cover 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 of interest, which take effect from 21
April 2008, are set out below and are a result of the recent
movement in market rates.
The rate of interest charged on underpaid instalment payments of
corporation tax changes from 6.25 per cent to 6 per cent.
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 per cent to 4.75 per cent.
Notes for editors
Section 178 Finance Act 1989 and the Taxes (Interest Rate)
Regulations 1989 (S.I. 1989/1297) lay down the procedures and
formulae for calculating and amending HM Revenue & Customs
interest rates that apply to direct taxes.
The revised interest rates are based on the average base lending
rate of 5 per cent calculated in accordance with the relevant Regulations.
If using specific facts contained in this release please check
the information is still current.
Issued by HM Revenue & Customs Press Office
Website http://www.hmrc.gov.uk