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Interest rates for VAT, customs and excise duties

Current rates of interest on payments of VAT, customs duty and excise duty due to and payable by the Treasury are:

VAT

(a)Default interestpaid to Customs & Excise on assessments, etc.
This rate is set by Treasury in the IOM, and does not follow the HMRC rate. The rate is that also used by the Income Tax Division.
The current rate is 5% Income Tax Practice Note 154/09 refers
(b)Statutory interestpaid by Customs & Excise in cases of official error
This rate is maintained in line with that charged by HMRC.

APD / Excise Duties / Customs Duties

These are maintained at the same rates as those charged by HMRC.


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