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Where Taxpayers and Advisers Meet
New interest rates announced
23/02/2009, by Sarah Laing, Tax News - Business Tax
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Interest rates charged on late payments and paid on overpayments for corporation tax quarterly instalment payments (QIPs) and also early payments of corporation tax not due by instalments have been cut from 16 February 2009.

The rates covering late payments and overpayments of all other direct taxes, indirect taxes and national insurance contributions remain unchanged.

Announcing the new interest rates, HMRC stated that they are continuing to look at ways to simplify and harmonise the rules for interest charged and paid across all taxes and duties. In June 2008 a consultation document was published 'Interest - working towards a harmonised regime'. This was followed in November 2008 by a further consultation document. Both documents are available to view on the HMRC website.

Full details of the rate changes are available on HMRC's website at http://www.hmrc.gov.uk/news/interest-rates1602.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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