New interest repayment rates introduced
New interest rates for underpaid and overpaid instalment payments of corporation tax, set by the Inland Revenue, take affect this month.
The changes also include new rates for early payments of corporation tax not due by instalments.
The new tax levels, which have come about as a result of changes in the market, are in respect of accounting periods ending on or after 1 July 1999 and took effect from 1 October 2001.
For underpaid instalment payments of corporation tax the band has decreased from 6% to 5.75%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments), has fallen from 4.75% to 4.50%.