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

3 Aug 2018 08:36 AM

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% yesterday (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.

We will update information on the interest rates for late payments shortly.