New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid will take effect from 6 January 2009.
Legislation has also been put in place to enable HMRC to change faster its rates of interest following a movement in market rates. From 7 January 2009 most rates will change thirteen working days after the meeting of the Monetary Policy Committee of the Bank of England. Under previous legislation it took around a month to change most of the rates.
Full details of the changes in interest across the various tax heads is available here