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| *The Commerce Journal>>>United Kingdom Taxes |
Is the interest the HMRC pays on tax repayments itself taxable income? |
When the HMRC pays you back the tax you overpaid they will as a rule add interest. Is that interest you receive from HMRC taxable income to be included on your next tax return? believe it or not they do pay you interest if you overpaid. See this link: No, it's not taxable, but they only pay it if the repayment is more than a year late. They charge from scratch, even if payment to them is a day late! Have you looked at the table on HMRC interest rates (on HMRC website), and seen the difference between what they pay and what they charge? Would do credit to any profit-making bank! No, it is not. that would be perverse even for the british tax system. Sorry, but I doubt that HMRC pay interest. It's hard enough getting money out of them without them coughing up extras as well no, you don't pay tax on it last time I heard - it is paid out on any overpayment (its called supplement, not interest) and it is backdated in full by the automatic SA system - IF you are self employed. I'm not sure about people on PAYE |
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