HMRC late payment interest rates revised

The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate.

15th November 2022 Posted by -

The Bank of England Monetary Policy Committee voted on

3 November 2022 to increase the Bank of England base rate

to 3% from 2.25%.

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 come into effect:

  • 14 November 2022 for quarterly instalment payments.
  • 22 November 2022 for non-quarterly instalments payments.

Click the link below for more information

Source: GOV.UK