HM Revenue & Customs hikes interest rates on overdue taxes

Professional Adviser
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New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid have been announced by HMRC.

The rate of interest charged on income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax paid late, tax credits overpayments in cases of fraud neglect and on penalties changed and on tax charge by an assessment for the purpose of making good to the crown a loss of tax wholly or partly attributable to failure or error by the taxpayer changes from 7.5% to 8.5%. The rate of interest on overpaid income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax changes fr...

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