Interest

The Taxes and Duties (Interest Rate) Regulations SI 2010/1879 set out the interest rate setting formulae for late payment interest and for repayment interest. The regulations will apply whenever the new harmonised interest regime is applied to any tax or duty administered by HMRC.

The Finance Act 2009 Sections 101 to 103 (Appointed Day and Supplemental Provision) Order SI 2010/1878 appoints 31 August 2010 as the day on which the interest regime contained in FA 2009 ss 101–103 comes into force for the purposes of bank payroll tax.