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

The Bank of England Monetary Policy Committee announced an increase to the Bank of England base rate from 5.00% to 5.25% on 3 August 2023.

HMRC interest rates are linked to the Bank of England base rate.

Because the base rate has changed, HMRC interest rates for late payment and repayment will increase.

These changes will come into effect on:

• 14 August 2023 for quarterly instalment payments; and
• 22 August 2023 for non-quarterly instalments payments.

See: HMRC late payment interest rates to be revised after Bank of England increases base rate – GOV.UK (www.gov.uk)