TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Interest Rate Reduction on Late Tax Payments and Overpaid Tax

HMRC have announced new rates of interest. They cover quarterly instalment payments and early payments of corporation tax not due by instalments. These new rates of interest are a result of the recent movement in market rates, and take effect from 20 October 2008.

The rate of interest charged on underpaid instalment payments of corporation tax changes from 6 per cent to 5.5 per cent. The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 4.75 per cent to 4.25 per cent.

Full details are available at http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=381458&NewsAreaID=2