Changes to use of money interest rates
The use of money interest rates are reviewed regularly to ensure they are in line with market interest rates. The interest rates on underpayments and overpayments of taxes and duties have now changed to:
- underpayment rate: 7.00% (previously 8.35%)
- overpayment rate: 0.00% (previously 0.81%)
The rates were changed by Order in Council on 4 May 2020 and came into force on 8 May 2020.