On 30 August 2022 the interest rate on overpaid (credit interest) and underpaid (debit interest) tax will change. This is often called use of money interest, or UOMI.
The new rates are:
- debit interest - 7.96% (up from 7.28%)
- credit interest - 1.22% (up from 0%).
We review the rates regulalry to make sure they align with market interest rates.