HM REVENUE AND
CUSTOMS News Release (Ref:NAT 09/09) issued by COI News Distribution
Service. 20 January 2009
HM Revenue &
Customs (HMRC) announce a cut in the interest rates charged on
late payments and paid on overpayments.
The reduced rates cover quarterly instalment payments and early
payments of corporation tax not due by instalments. The new rates
take effect from 19 January 2009.
Reduced rates covering late payments and overpayments of all
other direct taxes, indirect taxes and national insurance
contributions take effect from 27 January 2009.
Legislation effective from January 2009 now enables HMRC to act
following Bank of England interest rate announcements much more quickly.
HMRC continues to look at ways to simplify and harmonise the
rules for interest charged and paid across all taxes and duties.
In June 2008 a consultation document was published 'Interest
- working towards a harmonised regime'. This was followed in
November 2008 by a further consultation document. Both documents
are available to view on the HMRC website.
Full details of the rate changes are available on HMRC's
website at http://www.hmrc.gov.uk/news/int-rate-news.htm.
Issued by HM Revenue & Customs Press Office
Press
enquiries only please contact:
Madonna Grant
Tel: 020 7147
2331
Email: madonna.grant@hmrc.gsi.gov.uk
Website http://www.hmrc.gov.uk