Just How rates of interest are set

2.5 The prices are occur laws created by HM Treasury, according to the conditions in Finance Act 2009, area 103. The fees and Duties, etc (interest) Regulations 2011 specify the formulae, which set the prices and url to the prevailing Bank of England base price.

2.6 The rate of interest on tax owed to HMRC is higher than on overpaid tax that is repaid to a taxpayer in accordance with the regulations. This reflects common commercial training (see Annexe A), is commonly accepted and it is on the basis of the application of great interest by income tax authorities generally in most other jurisdictions (see Annexe B). Plus »