Following the Bank of England’s latest announcement of a reduction in the base rate from 0.25% to 0.1% on 19 March HMRC is to reduce its interest rates for corporation tax quarterly instalments paid late with effect from 30 March 2020.
For non-quarterly corporation tax instalments and other taxes and duties paid late the reduction will take effect from 7 April 2020.
The reduction in rates for late payment announced on 13 March following the Bank of England’s base interest rate reduction from 0.75% to 0.25% will still take effect on the dates specified in that announcement (23 March and 30 March respectively).
Repayment interest rates will remain unchanged.
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Following the Bank of England’s latest announcement of a reduction in the base rate from 0.25% to 0.1% on 19 March HMRC is to reduce its interest rates for corporation tax quarterly instalments paid late with effect from 30 March 2020.
For non-quarterly corporation tax instalments and other taxes and duties paid late the reduction will take effect from 7 April 2020.
The reduction in rates for late payment announced on 13 March following the Bank of England’s base interest rate reduction from 0.75% to 0.25% will still take effect on the dates specified in that announcement (23 March and 30 March respectively).
Repayment interest rates will remain unchanged.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
