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.