LONDON: HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.50%.
The Bank of England Monetary Policy Committee voted on 2 February 2022 to increase the Bank of England base rate to 0.50% from 0.25%.
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 the late payment will increase. These changes will come into effect on:
14 February 2022 for quarterly instalment payments
21 February 2022 for non-quarterly instalments payments
Repayment interest rates remain unchanged.
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