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.