HMRC late payment interest rates to increase

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 16th December 2021 to increase the base rate to 0.25% from 0.1%.

As a consequence, the HMRC interest rates (which are linked) for late payments will increase.

These changes will come into effect on:

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

Repayment interest rates remain unchanged.

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

PAYadvice.UK 18/12/2021

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