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HMRC late payment interest rates to be revised after Bank of England increases base rate

  • Shepherd Partnership
  • May 23, 2023
  • 1 min read

It was announced on 11 May 2023 that The Bank of England Monetary Policy Committee would increase the Bank of England base rate to 4.5% from 4.25%.


HMRC interest rates are linked to the Bank of England base rate. Therefore HMRC interest rates for late payment and repayment will increase.


These changes will come into effect on:

  • 22 May 2023 for quarterly instalment payments, and

  • 31 May 2023 for non-quarterly instalments payments.

 
 
 

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