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Where Taxpayers and Advisers Meet
CT interest rates cut
16/04/2008, by Sarah Laing, Tax News - Business Tax
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HMRC have announced a cut in interest rates payable on overdue corporation tax.

New rates of interest, which take effect from 21 April 2008, cover 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.

The new rates are as follows:

  • The rate of interest charged on underpaid instalment payments of corporation tax changes from 6.25 per cent to 6 per cent.
  • The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 5 per cent to 4.75 per cent.

Details of all current interest rates are available on the HMRC website at http://www.hmrc.gov.uk/rates/menu.htm

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

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