Bonus rates for the Save As You Earn (SAYE) Sharesave scheme, administered by HMRC, have been reduced as a result of the cut in interest rates.
The FT notes that:
"On a three-year contract, the bonus rate is now 1.5 times the value of an employee's monthly payments, down from 2.4 times. This lowers the effective interest rate to 2.67%, down from 4.23%".
When will the rate charged by HMRC on overdue tax be cut in line with interest rates?
Tax does have to be taxing.
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