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Guaranteed interest on overpaid tax

Guaranteed interest on overpaid tax
Wednesday, 26 August 2009 23:00

Following the Royal Assent of the 2009 Finance Act HMRC has published the regulations that will harmonise the formulae for the calculation of interest due on late paid and overpaid taxes.

The changes will take some time to come into effect due to the number of HMRC's IT systems that are affected.  For the first time HMRC will guarantee to pay 0.5% on overpaid tax whatever the Bank of England base rate and will implement changes to interest rates within 13 days of each Monetary Policy Committee meeting.

The regulations took effect on 12 August 2009.

 

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