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type: Answer
type: WrittenAnswer
answer has question: GoIwY30J
answer has answering person: R62qdyhF
answer text: Interest is not charged on late returned self-assessment returns, but rather on any tax shown as due on a return and unpaid at the due date.HM Revenue and Customs recalculates its interest rates following any change in the Bank of England base rate in line with procedures laid down in legislation. The legislation sets out how the rates for various taxes and duties should be calculated and when they apply from. In accordance with the legislation the rate of interest charged on underpaid income tax is currently 3.5 per cent. This rate has applied since 27 January 2009.
answer given date: 2009-02-03+00:00
answer has answering body: HYfypSOE
written answer has answering body: HYfypSOE