Tax Payments (Interest)

HC Deb 20 April 1989 vol 151 c231W

Mrs. Gorman

To ask the Chancellor of the Exchequer why the Inland Revenue charge a higher interest rate on moneys owed to it by taxpayers than the rate that it applies to moneys repaid by it to taxpayers.

Mr. Norman Lamont

The present rates of interest charged by the Inland Revenue on unpaid tax and paid on overpaid tax are the same (11.5 per cent.).