Statutory Interest at 8% on Corporation Tax in Solvent Liquidations Unfortunately, we have to report that HMRC now require the payment of statutory interest at 8% per annum from the commencement of a solvent liquidation on any Corporation Tax that falls due after commencement of the liquidation, even if the normal due date for payment is not due until after the commencement of the liquidation, and the payment is made before the due date. For example, let us assume that the company’s year-end is on 30 April 2017. The Corporation Tax Return is not due for submission until 12 months after the company’s year-end i.e. not due until 29 April 2018 and any tax due is not payable to HMRC until 9 months and 1 day after the company’s accounting period i.e. not payable until 1 February 2018. Let us assume that the Corporation Tax due is £90,000. If the…
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