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

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

F.P. Report

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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