General Interest Charge to increase
From 1 October, the annual interest rate will be increasing by to 11.15% - the highest it’s been in over 10 years.
This means your daily GIC rate will be .03%.
What is General interest charge
General interest charge (GIC) is applied to unpaid tax liabilities and is worked out daily on a compounding basis.
When GIC applies
GIC applies to unpaid tax liabilities, such as when:
- an amount of tax, charge, levy or penalty is paid late (or is unpaid)
- there is an excessive shortfall in an incorrectly varied or estimated income tax instalment.
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