UOMI rate changes

The use of money interest rates payable on underpayments and overpayments of tax and duties are to change in line with market rates.

The rate charged on underpaid tax will increase from 8.22% to 8.35%, while the rate for overpayments of tax will decrease from 1.02 to 0.81%. The new rates will apply from 29 August 2019.

The rates are reviewed regularly to ensure they are in line with market interest rates. They were last changed in March 2017. The new rates are consistent with the floating first mortgage new customer housing rate and the 90-day bank bill rate.

The rates were changed by Order in Council on 1 July 2019.