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HMRC sets official rate of interest for 2008/09
26 Feb 2009
Tyas & Company, Chartered Accountants for businesses in Crawley, Gatwick, Horsham, Horley and West Sussex generally
HM Revenue & Customs (HMRC) have confirmed that the average official rate of interest for the tax year 2008/09 is 6.1%.
It is this rate of interest that is used by employers to calculate the cash equivalent value of an interest free or low interest employment-related loan.
Incorrect information
Unfortunately, HMRC started sending out information sheets (P11D(INT)(2009)) that show the average official rate as being 6.25%. This does not take account of the interest rate cut from 6.25% to 4.75% effective from 1 March 2009. HMRC will be sending out corrected information sheets in due course and making clear on their website how the change in interest rate affects the average official rate for the year.
Tyas & Company, Chartered Accountants, Crawley, Sussex
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