Commentary

BB/7/01 New rates of interest paid by and to Customs and Excise

Part V16 Forms and other HMRC material

BB/7/01 New rates of interest paid by and to Customs and Excise

BB/7/01 New rates of interest paid by and to Customs and Excise

Business Brief, Issue 7. 4 May 2001

This Business Brief gives notice that as a result of recent changes in base lending rates the rates of interest paid by and to Customs will decrease from 6 May 2001.

An Order of the Commissioners of Customs and Excise was issued on 24 April 2001 with the effect that—

  1.  

    —     the rate of default interest charged on underdeclared VAT, air passenger duty [APD], insurance premium tax [IPT], landfill tax and Customs and Excise duties will decrease from 8.5 per cent to 7.5

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