Late payment interest rates to be revised
On 22 June 2023, The Bank of England Monetary Policy Committee announced that the Bank of England base rate would increase from 4.5% to 5%.
HMRC interest rates are linked to the Bank of England base rate, which means HMRC interest rates for late payment and repayment will increase.
These changes will come into effect on:
• 3 July 2023 for quarterly instalment payments; and
• 11 July 2023 for non-quarterly instalments payments.