The taxman has hit back at criticism over introducing an interest charge for
late payment on inheritance tax, saying it is a simpler and ‘fairer’ system for
reports over the weekend claiming that
& Customs was introducing a 3% IHT interest charge without
warning and would recoup as much as £10m in charges from its introduction, the
taxman has fought back to defned its policy.
Rates charged on late tax payments would be ‘streamlined’: ‘This has been
subject to extensive consultation over the last 18 months and has been largely
welcomed by customer groups and their representatives.’
Payments to taxpayers would stand at 1% below the base interest rate, with a
floor of 0.5%.
‘The alignment of rates that will take place in September will mean that all
tax paid late is subject to interest at the same rate, so ensuring all taxpayers
are treated equally.
And in the interest of fairness we will also be introducing a repayment
interest floor, to ensure that any taxpayer overpaying tax will receive
IHT receipts peaked for the taxman in 2006/2007, at £3.5bn, but is expected
to drop to £2.2bn in 2009/2010.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy