Various interest rates used by Inland Revenue are increased from 6 February 2000:
- interest on unpaid corporation tax for accounting periods ending after 30 September 1993: 5.75% to 6.75%;
- interest on overpaid corporation tax for accounting periods ending after 30 September 1993: 2.75% to 3.5%;
- interest on late payments or underpayments of corporation tax for accounting periods ending before 1 October 1993: from 5.75% to 6.5%;
- interest on unpaid corporation tax for accounting periods ending after 30 June 1999 (other than underpaid corporation tax instalments): from 7.5% to 8.5%;
- interest in overpaid corporation tax for accounting periods ending after 30 June 1999: from 4% to 5%;
- interest on late income tax, capital gains tax and stamp duty: from 7.5% to 8.5%;
- repayment supplement on these taxes: from 3% to 4%;
- interest on late petroleum revenue tax and advance corporation tax: from 5.75% to 6.75%
- interest on company payments due after 13 October 1999: from 7.5% to 8.5%
- inheritance tax: from 4% to 5%.
Customs and Excise has similarly announced increases in interest rates from 6 February 2000:
- underdeclared VAT, airport passenger duty, insurance premium tax and landfill tax: from 7.5% to 8.5%;
- payment for official error by Customs: from 4% to 5%
[2000]