Is interest paid by HMRC on early payment taxable?

[css_jay99]

Hi,

Just wanted to know if interest paid by HMRC on early/over payment of Corporation tax is taxable ?


Cheers

css_jay99

[spoons]

Why would it not be, it is only the same as getting interest from the bank (but probably at a better rate! ).

[Maslins]

Yup, afraid it is.

[css_jay99]

Thanks for correcting me guys.

HMRC PAYE online incentive is not chargeable to corp-tax i take it?


Further, I cant remember getting the £150 online incentive this year, or is it not a yearly amount?

css_jy99

[Moscow Mule]

Why would it not be, it is only the same as getting interest from the bank (but probably at a better rate! ).

Not much better now unfortunately...

[Lumiere]

Not much better now unfortunately...

WHS

HMRC pays 0.5%
Business Saving Accounts 2%+

[xoggoth]

Sure it says on their notices somewhere that the online filing thing is not taxable but can't be @rsed to find it.

PS Oh I did. The notice that they have paid to your account says "The tax-free payment is not taxable. Do not include it in the taxable income for your business" I assume it still goes into company profit in acciunts but you then subract to get taxable profit in your CT calculation.