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

13 Mar 2020 02:13 PM

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

The Bank of England Monetary Policy Committee, following an emergency meeting, voted on 11 March (2020) to decrease the Bank of England base rate to 0.25% from 0.75%.

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 decrease.

These changes will come into effect on:

• 23 March 2020 for quarterly instalment payments
• 30 March 2020 for non-quarterly instalments payments

Repayment interest rates remain unchanged.

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