Flashcards in Chapter 6 - Interest on Late Paid Tax and Repayments Deck (4)
Interest runs from the due date for payments to the actual date of payment where CT is paid late. This applies to all payments for co's small or large.
Rate HMRC charges is 2.5% + bank base rate
Overpaid tax receives repayment interest at a rate of a bank rate minus 1% (min rate of 0.5%)