HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.75%.
The Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75% on 2 August 2018.
HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the change, HMRC interest rates for late payment will be increased.
These changes will come into effect on:
- 13 August 2018 for quarterly instalment payments.
- 21 August 2018 for non-quarterly instalment payments.
Repayment interest rates remain unchanged.