Following the Bank of England’s decision to increase the base rate, HMRC have announced that their late payment interest rate will increase by 0.25% to 3.25% with effect from 21 August 2018.
The rate, which applies to late payments of the main taxes and duties administered by HMRC, is tracked at 2.5% above the base rate. It had previously been held at 3% since November 2017.
The repayment interest rate which HMRC will apply to overpayments remains at 0.5%. The Official rate of interest which is most commonly seen in relation to Employment related loans, also remains unchanged at 2.5%.
External links:
HMRC: interest rates for late and early payment
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