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 (rate of interest) Regulations 2011 specify the formulae, which set the prices and connect 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 typical practice that is commercialsee Annexe A), is commonly accepted and it is based on the application of great interest by taxation authorities in many other jurisdictions (see Annexe B). Continue reading Just just How interest levels are set