HMRC late payment interest rates will be revised after Bank of England cuts base rate to 0.1%.

The Bank of England Monetary Policy Committee, following its second emergency meeting, voted on 19 March 2020 to decrease the Bank of England base rate to 0.1% from 0.25%.

HMRC interest rates are linked to the Bank of England base rates and as a consequence of the change, HMRC interest rates for late payments will decrease.

These changes will come into effect on 30 March 2020 for quarterly instalment payments and on 7 April 2020 for non-quarterly instalments payments.

Repayment interest rates remain unchanged.

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Karen Wilkinson works at London School of Finance and Law and writes articles on UK tax law for My Taxes Plus and other financial magazines.


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