"As was quite correctly pointed out yesterday, by a loyal and observant reader, Martin Casimir's assertion that HMRC does not pay interest on tax repayments is wrong. HMRC (as I noted in the comments section) does in fact pay 0.5% (perversely it charges 3% for late payments).I am hanging my head in shame today!
I wrote to Martin yesterday about it, and Bloomsbury have acknowledged that they were wrong and will be asking Economia to correct their copy.
It is shameful that Economia (the professional magazine of the ICAEW) and myself (an FCA) didn't spot it when we published Martin's quotes!
So well done and thanks for pointing that out, and mea culpa on my part for being asleep yesterday! "
Friday, April 06, 2012
Economia and Ken Frost Asleep at The Wheel
Both Economia and myself were asleep at the wheel regarding this error relating to HMRC interest rates: