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Reduction in late payment interest rate

Global Tax Update:September 2016/United Kingdom

Following the announcement that the Bank of England interest rate will be reduced from 0.5% to 0.25%, HM Revenue & Customs (HMRC) have confirmed that their rates for late payments will be reduced accordingly.(Global Tax Update:September 2016/United Kingdom)

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This newsletter explains the following topics; 

1. Reduction in late payment interest rate

Following the announcement that the Bank of England interest rate will be reduced from 0.5% to 0.25%, HM Revenue & Customs (“HMRC”) have confirmed that their rates for late payments will be reduced accordingly. HMRC's late payment interest rate is set at 2.5% above the base rate, so it is reducing from 3% to 2.75% (SI 2011/2446).

2. HMRC guidance on non-statutory clearances

HMRC have issued updated guidance on their non-statutory clearance service, together with supplementary Annexes.

3. HMRC updated papers on UK tax implications of FRS 101; FRS 102

HMRC have updated their two papers which summarise the key accounting changes and tax implications that arise for companies that change from current UK GAAP to FRS 101 or FRS 102.

 

>> Click for Japanese [延滞税率(late payment interest rate)の引下げ ほか] 

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