HMRC have announced increases in interest rates for 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 take effect from 16 July 2007.
The rate of interest charged on underpaid instalment payments of corporation tax increases from 6.50 per cent to 6.75 per cent.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) increases from 5.25 per cent to 5.50 per cent.
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