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Overdue Tax: Interest Rate Rise

Following the recent hike by the Bank of England to the base rate (to 0.75 per cent), HM Revenue and Customs have lost no time in increasing the rate of interest charged on overdue tax to 3.25 per cent.

The allowance for early payment of tax remains unchanged at 0.5 per cent.

The new rate applies from 21 August 2018.

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