HMRC raises its interest rates
HM Revenue & Customs (HMRC) has announced new rates of interest for businesses paying their tax by instalments and early payments of Corporation Tax not due by instalments.
The rates concern the accounting periods ending on or after 1 July 1999 and take effect from 16 July 2007. HMRC says they take into account the recent changes in interest rates.
The rate of interest on underpaid instalment payments of corporation tax will rise from 6.50% to 6.75%.
The rate of interest on overpaid instalment payments and on early payments rises from 5.25% to 5.50%.
