HMRC have announced that their late payment rate will drop to 2.75% from 23 August 2016 following the Bank of England's decision to reduce the base rate.
The rate, which applies to late payments of the main taxes and duties adminstered by HMRC is tracked at 2.5% above the base rate. It had previously been held at 3% since September 2009.
The repayment interest rate which HMRC will apply to overpayments remains at 0.5%.
A full summary of HMRC interest rates can be found here.
