Use-of-money interest rates to rise
Interest rates on unpaid and overpaid tax will increase from 8 March 2005, to align them with market interest rates. The interest rate on unpaid tax will increase from 11.93% to 13.08%, and the rate on overpaid tax will increase from 4.83% to 5.71%. The new rates, which apply to all revenues and duties, were set by Order in Council today.
For more information see the Order in Council (PDF 76KB).