VSIM7100 - Processes and procedures: the statutory interest calculator

This guidance deals with interest matters in respect of prescribed accounting periods starting on or before 31 December 2022. Interest matters with effect from 01 January 2023 are dealt with under Finance Act 2009.

Please see Compliance Handbook page CH140000 onwards to find the new interest rules guidance.

You will need to calculate how much statutory interest (SI) to pay, see VSIM4100, once you have,

• decided that the overpayment (or delay) was due to an official error
• determined the appropriate applicable period, and
• the amount on which to pay statutory interest.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)