Use-of-money interest rates increase

Use-of-money interest rates on overpayments and underpayments of tax and duties have been increased, in line with market rates. The new rates, which apply from 8 March 2000, will be 10.84% for underpayments and 4.67% for overpayments. They replace the current rates of 10.59% for underpayments and 3.38% for overpayments, which have applied since March 1999. The rates are reviewed regularly to ensure they are in line with market interest rates. The change was made by Order in Council on 31 January 2000.