HMRC late payment interest rates to be revised after Bank of England cuts base rate following second emergency meeting

20 Mar 2020 12:34 PM

HMRC interest rates for late payments will be revised after the Bank of England interest rate reduction to 0.1%.

HMRC interest rates for late payments will be revised following the Bank of England’s second interest rate reduction to 0.1%.

The Bank of England Monetary Policy Committee, following its second emergency meeting, voted on 19 March (2020) to decrease the Bank of England base rate to 0.1% from 0.25%.

HMRC interest rates are linked to the Bank of England base rates and as a consequence of the change, HMRC interest rates for late payments will decrease.

These changes will come into effect on:

• 30 March 2020 for quarterly instalment payments
• 7 April 2020 for non-quarterly instalments payments

Repayment interest rates remain unchanged.

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