Interest rates on refunds, underpaid tax and outstanding tax

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The rate applies for the income year 2016

If you need rates for the tax return, you must check the rates for 2016

By "income year", we mean the year in which the income or expense arises. The rates for the income year are used in the tax return and tax calculation.


By "assessment year", we mean the year after the income year and in which the tax return for the income year must be submitted/checked and the tax calculated.

Interest rate on underpaid tax and refunds for personal taxpayers
The interest surcharge is 0.38 per cent per year, calculated from 1 July 2016 to the due date of the first instalment of underpaid tax in 2017.

If you have paid too much assessed advance tax or prepayment deductions before the end of the income year, you will receive interest on the excess amount you have paid at the rate of 0.38 per cent, calculated from 1 July 2016 until you receive your tax settlement notice in 2017. 

In the case of the repayment of additional advance tax or assessed advance tax paid no later than 31 May of the year after the income year, interest will be added at the rate of 0.38 per cent per year from 31 May 2017 until the tax settlement notice is sent to the taxpayer.

Interest rate on underpaid tax and refunds for non-personal taxpayers
The interest surcharge on underpaid tax for non-personal taxpayers (limited companies, etc.) is 0.38 per cent per year, calculated from 15 March 2017 and through until the due date for the underpaid tax.

If too much advance tax is paid by 31 May, interest will accrue at the rate of 0.38 per cent per year of the excess amount paid, calculated from 15 March 2017 until the tax settlement notice is sent to the taxpayer

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