People's tax refunds should have the same rate of interest added when they are finally paid back as they themselves would be forced to pay HMRC if they were late with payments, a Tory MP told the Commons today. Mike Freer, who is the MP for Finchley and Golders Green, proposed a new law to force HM Revenue and Customs to equalise the way it calculates interest. 'HMRC do pay interest but the late payment rate is six times the unpaid refund rate,' he pointed out. 'Currently, with record low interest rates the late payment rate is 3 per cent. But the unpaid refund rate is 0.5 per cent.'.....Read more here---> Call for HMRC to pay equal interest on refunds as taxpayer pays on late bills