UOMI rates updated
Use-of-money interest rates on underpaid and overpaid tax will rise on 8 May 2015. The interest rate charged by Inland Revenue on underpaid tax will rise from 8.40% to 9.21%, and the rate for overpaid tax will rise from 1.75% to 2.63%. The rates are reviewed regularly to ensure they are aligned to market interest rates and were last updated in May 2012. The new rates were approved by Order in Council on Monday 30 March.