HM Revenue and Customs (HMRC) on Wednesday announced new rates of interest which will cover quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1st July 1999.
These new rates of interest, which take effect from 21st April, 2008, are a result of the recent movement in market rates.
HMRC went on to state that the rate of interest charged on underpaid instalment payments of corporation tax will change from 6.25% to 6%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) will drop from 5% to 4.75%.
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