HMRC late payment interest rates to be revised

The Bank of England Monetary Policy Committee voted on 2nd February 2022 to increase the Bank of England base rate to 0.50% from 0.25%.

The HMRC interest rates are linked to the Bank of England base rate. As a consequence the HMRC interest rates for the late payment will increase.

The change comes into effect on:

  • 14 February 2022 for quarterly instalment payments
  • 21 February 2022 for non-quarterly instalments payments

The repayment interest rates remain unchanged.

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

PAYadvice.UK 8/2/2022

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