TaxPersonal TaxChecklist – Tax interest rate raised.

Checklist - Tax interest rate raised.

Interest on underpaid corporation tax increased; Guidance on use of

Inland Revenue[QQ] With effect from 24 January the rate of interest charged on underpaid instalment payments of corporation tax increases from 7.50% to 7.75%. The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments), has increased from 5.25% to 5.50% in respect of accounting periods ending on or after 1 July 1999. (Press release issued on 21 January 2000.) Draft Finance Bill clauses on the ending of business-assets gifts relief on the transfer – on or after 9 November 1999 – of shares or securities to companies, have been published. (Press release issued on 21 January 2000.) The ‘official rate’ for beneficial loans to employees will remain at 6.25% for both the current (1999/2000) tax year and the 2000/01 tax year. (Press release dated 25 January 2000.) The Revenue’s website includes frequently asked questions about IR35. The latest is series 7 published in January. More information can be found at: www.inlandrev enue.gov.uk The English ICA Tax Faculty The Tax Faculty has met the National Association of General Commissioners with a view to issuing guidance to demystify what they do and explain how to use this independent tribunal. The Faculty has also sent a response to Customs & Excise on the new VAT regime for charities. The Tax Faculty of the English ICA is open to all chartered accountants. Call 020 7920 8646 for the latest prospectus or visit the website at www.icaew.co.uk.

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