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Where Taxpayers and Advisers Meet
2008-09 official rate of interest set
03/03/2008, by Sarah Laing, Tax News - Income Tax
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HMRC have confirmed that the official rate of interest will remain unchanged for 2008-09.

The income tax paid by an employee on a cheap or subsidised loan provided by their employer is based on the difference between the interest rate actually charged and what is known as the 'official rate' of interest. At present the official rate is 6.25% and HMRC have confirmed that this will be frozen for the 2008-09 tax year, subject to review in the event of significant rate changes.

Link

HMRC interest rates

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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