From 1 October, the annual interest rate will be increasing by to 11.15% - the highest it’s been in over 10 years.

This means your daily GIC rate will be .03%.

What is General interest charge

General interest charge (GIC) is applied to unpaid tax liabilities and is worked out daily on a compounding basis.

When GIC applies

GIC applies to unpaid tax liabilities, such as when:

• an amount of tax, charge, levy or penalty is paid late (or is unpaid)
• there is an excessive shortfall in an incorrectly varied or estimated income tax instalment.