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HMRC increase interest rates for late payments


Following the Bank of England interest rate rise to 0.50%, HMRC interest rates for late payments are to be revised.


On 2 February, The Bank of England Monetary Policy Committee voted to increase the Bank of England base rate to 0.50% from 0.25%. HMRC interest rates are linked to the Bank of England base rate, so as a consequence of the change in the base rate, HMRC interest rates will increase, taking effect as follows:


  • 14 February 2022 for quarterly instalment payments

  • 21 February 2022 for non-quarterly instalments payments.


Repayment interest rates remain unchanged.


Further details can be found at https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-increases-base-rate--2.


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