TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

HM Revenue & Customs Interest Rates

Quarterly instalment payments, and early payments of corporation tax not due by instalments

New rates of interest are announced today. They cover quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999. These new rates of interest, which take effect from 20 November 2006, are set out below and are a result of the recent movement in market rates.

The rate of interest charged on underpaid instalment payments of corporation tax changes from 5.75 per cent to 6 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 4.50 per cent to 4.75 per cen.

Notes for editors

  1. Section 178 Finance Act 1989 and the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) lay down the procedures and formulae for calculating and amending HM Revenue & Customs interest rates that apply to direct taxes.
  2. The revised interest rates are based on the average base lending rate of 5 per cent calculated in accordance with the relevant Regulations.

If using specific facts contained in this release please check the information is still current.

Issued by HM Revenue & Customs Press Office