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T66 -Late payers pay more HM Revenue & Customs has upped the interest rates on late & overpaid tax & National Insurance contributions. Late payment of Income Tax, National Insurance, Capital Gains Tax, stamp duty & tax credits overpayments now attract an interest rate of 8.5%, up from 7.5% previously. The interest charged on under-declared VAT & excessive repayments climbs from 7.5% to 8.5%. The rate of interest on overpayments of the above has also risen from 3% to 4%. The rate of interest for late payments or repayments of Inheritance Tax, Capital Transfer Tax, & Estate Duty changes from 4% to 5%. |
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