Late Death Tax Payments _ Interest Hike
Published / Last Updated on 17/08/2009
Late Death Tax Payments - Interest Hike
3% Late Payment ‘Tax’
HM Revenue and Customs has confirmed that it is increasing that interest rate it charges for late payment of Inheritance tax to an annual rate of 3% from September.
In their statement they claim that: “The alignment of rates that will take place in September will mean that all tax paid late is subject to interest at the same rate, so ensuring all taxpayers are treated equally.”
They only pay 0.5%
In the same statement, they confirm that they will pay interest on late refunds at a rate of 1.0% below Bank of England base rate, subject to a minimum of 0.5%.
Great! We pay 3% they pay 0.5%. This is hardly us being “treated equally”.
Expect more stealth taxes over the coming years.
Useful links:
Contact us - Book Callback - Free Consultation - Newsletter - Money MOT - Discounts
