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 interest | paid 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 interest | paid 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.
