HMRC interest rates for late payments will be revised following Bank of England interest rate cut.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment will be reduced.
These changes will come into effect on:
- 15 August 2016 for quarterly instalment payments
- 23 August 2016 for non-quarterly instalment payments
Repayment interest rates remain unchanged.
Information on the interest rates for late payments will be updated shortly.
Source: Gov.uk (Contains public sector information licensed under the Open Government Licence v3.0.)