United Kingdom Tax Agency Updates Guidance on Interest Rates for Late, Early Payments

The United Kingdom HM Revenue and Customs May 9 updated interest rate guidance on late and early tax payments. The updates include: 1) an 8.25 percent late payment interest rate and 3.25 percent repayment interest rate on income tax, national insurance contributions, capital gains tax, stamp duty taxes, corporate income tax, petroleum revenue tax, inheritance tax, capital transfer tax, and estate duty, effective May 28; 2) an 8.25 percent default interest rate and 3.25 percent statutory interest rate on VAT, excise duty, air passenger duty, insurance premium tax, and environmental taxes, effective May 28; 3) a 6.75 percent interest rate ...