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Interest rates
HMRC have announced new rates of interest covering quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999. The new rates take effect from 14 August 2006.
The rate of interest charged on underpaid instalment payments of corporation tax has increased from 5.50% to 5.75%.
The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) has risen from 4.25% to 4.50%.
HMRC press release dated 9 August 2006
Acting chairman
Further to the Update item, Taxation, 27 July 2006, page 455, mentioning Sir David Varney's departure as chairman of HMRC from 1 September, it has been announced that the acting chairman will be Paul Gray, who is current deputy chairman. Unlike Sir David, who was recruited from industry, Paul Gray has spent almost all his career in the civil service, mostly in the Treasury. For recreation he keeps a small flock of Wensleydale sheep.
