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The Bank of England Monetary Policy Committee announced on 1 August 2024 to reduce the Bank of England base rate to 5% from 5.25%.
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 reduce.
These changes will come into effect on:
- 12 August 2024 for quarterly instalment payments
- 20 August 2024 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 cuts base rate - GOV.UK (www.gov.uk)