Retail price index: October 2010 225.8
Inflation rate: October 2010 4.5%
Indexation factor from March 1982:
to April 1998 1.047
to September 2010 not yet announced
to October 2010 not yet announced
Interest on Overdue Tax
Interest on all unpaid tax is charged at the same rate.
The formula is Bank base rate plus 2.5% which gives a present rate of 3%.
There is one exception: Quarterly instalments of corporation tax bear interest at only 1.5%.
Interest on all overpaid tax is payable at the same rate. The formula is Bank base rate minus 1% but with an overriding minimum of 0.5% which applies at the present time.
Official Rate of Interest: From 6 April 2010 4%