HMRC late payment interest rates to be revised after Bank of England rate rise

The Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75%  (2 August 2018).

HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the change, HMRC interest rates for late payment will be increased.

These changes will come into effect on:

  • 13 August 2018 for quarterly instalment payments
  • 21 August 2018 for non-quarterly instalment payments

Repayment interest rates remain unchanged.

 

https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-rate-rise

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