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Interest rates for late payments to rise

on Friday, 10 August 2018.

Interest rates for late payments to rise

HMRC has announced that it will increase the interest it charges for late payment following the Bank of England’s decision to raise the base rate to 0.75 per cent.

HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the change, HMRC interest rates for late payment will be increased.

These changes will come into effect on:

  • 13 August 2018 for quarterly instalment payments
  • 21 August 2018 for non-quarterly instalment payments.

Repayment interest rates remain unchanged.

The information on the interest rates for late payments will be updated shortly.