Following the changes to the corporation tax quarterly payment arrangements for large companies announced on Budget Day, all other Inland Revenue interest rates for unpaid and overpaid tax will remain unchanged.
The rate of interest charged on underpaid instalment payments of corporation tax will be decreased from 8.00 per cent to 7.00 per cent. The change takes effect from 20 April 2000 and results from an amendment to the interest rate formula by regulations laid on 29 March.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments), remains unchanged at 5.75 per cent.
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