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Interest Rates for VAT, Customs Duties and Excise Duties Purposes 6 August 2007

The Treasury advises that the rates of interest on payments of VAT, customs duty and excise duty due to and from the Treasury are amended with effect from 6th August 2007.

 Payable to Treasury Payable by Treasury
VAT7.00% (unchanged) 5.00%
Excise duty (inc Air Passenger Duty) 8.50% 5.00%
Customs duties (exc Compensatory Interest, see below)8.50% 5.00%

Compensatory Interest

This is payable to Treasury on diversions of goods imported under temporary import reliefs which are to be retained in the Island or EU. This is set by the European Commission and is adjusted on a monthly basis. for the current rate please see the HM Revenue and Customs website.

Note

Interest rates on sums of VAT payable by Treasury change automatically according to a formula in the Value Added Tax (Interest Rate) Order 1998.

Interest rates on sums of customs and excise duties (except for Compensatory Interest) change automatically according to a similar formula in the Customs and Excise Duties (Interest Rate) Order 2000 and the Air Passenger Duty (Interest Rate) Regulations 1998.

For further information contact:

Customs and Excise

Advice Centre

Custom House

Douglas, Isle of Man, IM99 1AG

customs@gov.im

Tel: (01624) 648130

Fax: (01624) 648117

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