The HMRC monopoly

HMRC call taxpayers “customers”. If we look at HMRC as a business, it is a monopoly and monopolies have typically uncompetitive practices. Recent activity shows that these are alive and well.
From 21 November 2017, interest rates for late paid tax (Income Tax, National Insurance Contributions, Inheritance Tax, Capital Gains Tax, Stamp Duty Land Tax etc.) increased by 0.25%. However, no changes were introduced to the repayment interest rates. As such, the, late payment interest rate increased to 3% but the repayment interest rate stayed at 0.5% (which has been the case since 2009).

This article was taken from the Winter 2017 issue of the Private Client team's Quarterly Tax Digest. You can access all the other articles here.
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