HM Revenue and Customs (HMRC) on Wednesday unveiled changes to interest rates on quarterly installment payments and early payments of Corporation Tax.
These new rates of interest covering 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, took effect from February 18th, 2008, but have only just been officially announced.
The changes mean that the rate of interest charged on underpaid instalment payments of corporation tax changes from 6.5% to 6.25%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 5.25% to 5%.
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