I am pleased to see that HMRC have finally decided to cut their interest rates, in response to the ongoing cuts in UK base rates.
The rate that HMRC charges tardy taxpayers has been reduced from 4.5% to 3.5%.
Unfortunately, as with many matters related to HMRC, there is one small fly in their oinkment. Up until now, where tax had been overpaid, HMRC paid 0.75% on the overpaid amount.
Can you guess what they will pay now?
Yes, that's right:
One rule for HMRC, another for the taxpayer.
Tax does have to be taxing.
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