HMRC announced their latest interest rates charged on late payments and paid on overpayments. The rate changes follow the announcement made by HMRC in July that interest rates would be harmonised across all taxes.
The rate changes announced are:
- An increase to the repayment rate for quarterly installment payments and early payments of Corporation Tax (CT) not due by installments (for accounting periods ending on or after 1 July 1999) which take effect from 21 September 2009.
- An increase in both the late payment and overpayment rates of interest for all other taxes and National Insurance contributions (NICs) which take effect from 29 September 2009.
- Further details of the rate changes are available here.