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myIR, payments and more

Current and past interest rates

Two-way interest rules apply to all taxes and duties. Debit rates apply if you underpay your tax, and credit rates apply if you overpay your tax. 

The interest rates are set by government and are based on market rates, so they will vary over time.

Period Debit rate Credit rate
From 8 May 2017 8.22% 1.02%
From 8 May 2016 8.27% 1.62%
From 8 May 2015 9.21% 2.63%
Interest rates before 2015

The interest rates for years up to 2015 are in the table below.

Period Debit rate Credit rate
From 8 May 2012 8.40% 1.75%
From 16 January 2011 8.89% 2.18%
From 29 June 2009 8.91% 1.82%
From 1 March 2009 9.73% 4.23%
From 8 March 2007
14.24%
6.66%
From 8 March 2005
13.08%
5.71%
From 8 November 2001
11.93%
4.83%
From 8 November 2000
12.62%
5.74%
From 8 March 2000
10.84%
4.67%
From 8 March 1999
10.59%
3.38%
From 8 November 1998
12.48%
4.79%
From 7 July 1998
14.69%
8.26%
From 7 February 1997
13.90%
7.10%

Interest on underpayments is linked to the market rate for short-term borrowing. Interest on overpayments is linked to the market rate for short-term deposits.

Find out more about interest in our booklet Penalties and interest (IR240).