HMRC Interest Rates for Late Payments To Be Revised

 

The Bank of England Monetary Policy Committee announced on 2 February 2023 to increase the Bank of England base rate to 4% from 3.5%.

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:

• 13 February 2023 for quarterly instalment payments
• 21 February 2023 for non-quarterly instalments payments

Information on the interest rates for payments will be updated shortly.

Tax does have to be taxing.

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