Use of money interest on tax and duties to increase

The use-of-money interest rates payable on underpayments and overpayments of tax and duties are to increase in line with market rates. The rate for underpayments will increase from 10.84% to 12.62%, and the rate for overpayments will increase from 4.67% to 5.74%. The new rates will apply from 8 November 2000.

The rates are reviewed regularly to ensure they are in line with market interest rates. They were last changed in March 2000. The new rates are consistent with the base lending rate and the 90-day bill rate.

The rates were changed by Order in Council on 2 October 2000.