HMRC have increased interest rates on the late payment of tax and national insurance contributions by 0.25% from 21 November 2017. Unfortunately, there has been no such increase relating to the interest rates on repayments.
HMRC has increased its interest rates for late paid tax and NIC from 21 November 2017 by 0.25% but no increase to repayment interest rates. The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are: •late payment interest rate - 3% from 21 November 2017 •repayment interest rate - 0.5% from 29 September 2009. The rates apply to: •Income Tax, National Insurance contributions, Capital Gain Tax, Stamp Duty Land Tax, Stamp Duty and Stamp Duty Reserve Tax; •Corporation Tax; •Petroleum Revenue Tax; •Inheritance Tax, Capital Transfer Tax and Estate Duty; •Default and statutory interest relating to VAT, Air Passenger Duty, Insurance Premium Tax, environmental taxes and Customs Duty; •Interest charged on judgement debt taxation matters Interest charged on Corporation tax underpaid quarterly instalment payments has been increased from 1.25% to 1.5%.