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Policy

Late Interest on Overdue Tax

Other Revenue Late Interest on Overdue Tax

Policy:

Overdue Tax from the current 9.5% introduced in April 2025 back to 7.5%.

Add backstop penalty by adding charge for every six months overdue without discussion a 5% penalty is applied.

Reverse the late interest payable on overdue Tax from the current 9.5% introduced in April 2025 back to 7.5% as need to be balance being fair and still providing a deterrent to not paying.

This is especially important in times of decreasing interest base rate.

Add backstop penalty by adding charge for every six months overdue without discussion a 5% penalty is applied.

Annual Revenue Reduction of £-300 Million