HMRC LATE PAYMENT INTEREST RATES

On 3rd July 20233rd July 2023 by Louise Denvir to News, Tax

The Bank of England Monetary Policy Committee announced on 22 June 2023 to increase the Bank of England base rate to 5% from 4.5%. HMRC interest rates are linked to the Bank of England base rate.

As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.

These changes will come into effect on:

3 July 2023 for quarterly instalment payments; and
11 July 2023 for non-quarterly instalments payments.

See: HMRC late payment interest rates to be revised after Bank of England increases base rate – GOV.UK (www.gov.uk)