Statutory rates are calculated by adding up the tax rates payable at the federal and state level, including payroll taxes.

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In many of those deals, the lender requires an extra guarantee from the borrower's parents, and the interest rates payable by the borrower are considerably higher than for someone taking a mortgage with a larger down payment of, say, 20% or 25%.

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The rest can usually either be used to buy an annuity (an income for life that will depend on your age, the value of your pension fund, and annuity rates payable at the time) or to provide an income via what is known as 'drawdown'.

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Rates are now payable on empty homes.

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In a progressive tax system, that also means that the amount of tax payable will be smaller since tax rates tend to decrease with taxable income (with some exceptions, of course).

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Now we can work out exactly how much interest should have been payable if we want to, the HMRC interest rates charged on overdue tax and penalties are here.

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