HM Revenue & Customs has this week announced new rates of interest which 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 will take effect from 17 December 2007.
According to the UK tax authority, the rate of interest charged on underpaid instalment payments of corporation tax changes from 6.75% to 6.5%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 5.5% to 5.25%.
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