The Bank of England Monetary Policy Committee announced on 3 August 2023 to increase the Bank of England base rate to 5.25% from 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:
- 14 August 2023 for quarterly instalment payments
- 22 August 2023 for non-quarterly instalments payments
For further information please select the following link HMRC late payment interest rates to be revised after Bank of England increases base rate - GOV.UK (www.gov.uk)