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