HMRC increase interest rates for late paid tax and NIC

HMRC increase interest rates for late paid tax and NIC

HMRC increase interest rates for late paid tax and NIC

HMRC has confirmed its interest rates for late paid tax and NIC increased from 21 November 2017 by 0.25% but announced that they will not be increasing 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%.

For further information please contact:

Peter Warren
t: 01245 254250
e: peter.warren@rickardluckin.co.uk
James Boustead
t: 01245 254221
e: james.boustead@rickardluckin.co.uk
Jamie Nice
t: 01702 606831
e: jamie.nice@rickardluckin.co.uk

This is intended as a summary and overview of the tax situation and does not constitute financial advice and no action should be taken without first seeking professional advice specific to your circumstances.

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Peter Warren

Tax Director
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James Boustead

Tax Manager
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Jamie Nice

Tax Director

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