Default and Statutory Interest - Rate Reduction
Submitted by lavat on 4 December 2008 - 11:31pm.
HM Revenue & Customs have announced a further reduction in both default and statutory interest rates with effect from 6th December 2008.
After remaining constant since January of this year, default and statutory interest rates were each reduced by 1 percentage point, from 6th November 2008.
The latest reduction will see both rates fall by a further 1% each, to 5.5% and 2.0% respectively.
Click here for a brief description of statutory and default interest together with a table of the historic rates.