HM Revenue and Customs
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HMRC late payment interest rates to be revised after Bank of England increases base rate

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.25%.

The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the Bank of England base rate to 0.25% from 0.1%.

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 payments will increase.

These changes will come into effect on:

  • 27 December 2021 for quarterly instalment payments
  • 4 January 2022 for non-quarterly instalments payments

Repayment interest rates remain unchanged.

Information on the interest rates for the payments will be updated shortly.

Channel website: https://www.gov.uk/government/organisations/hm-revenue-customs

Original article link: https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-increases-base-rate

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