TaxPersonal TaxBudget 08: Tax concessions for national disasters

Budget 08: Tax concessions for national disasters

No interest on late payments for flooding victims

The taxman is to waive the right to interest on taxes paid late if they were
held because of a national disaster.

HMRC will also waive surcharges payable on late returns if they too are
caused by events such flooding which devastated parts of the country in June and
July last year.

The provision, to be introduced in the 2008 Finance Act will be modelled on
the concessions given to the victims of foot and mouth disease in 2001.

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