Changes also extend to the late payment and overpayment of national insurance contributions.
Rates have decreased from 8.5 per cent to 7.5 per cent for stamp duty, stamp duty land tax and stamp duty reserve tax paid late.
This also applies to the late payment of income tax, NI contributions, capital gains tax, tax credits overpayments in cases of fraud, neglect and on penalties charged, and on tax charged by an assessment for the purpose of making good to the Crown a loss of tax wholly or partly attributable to failure or error by the taxpayer.
The rate of interest on overpaid income tax, national insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax (repayment supplement) changes from 4.00 per cent to 3.00 per cent.
The rate of interest for development land tax, petroleum revenue tax (including supplementary petroleum duty and advance petroleum revenue tax), and on advance corporation tax and income tax on company payments which became due on or before 13 October 1999 paid late or overpaid changes from 6.5 per cent to 5.75 per cent.
Finally, the rate of interest for late payments or repayments of inheritance tax, capital transfer tax and estate duty changes from 5.0 per cent to 4.0 per cent.
