Following the Bank of England’s latest announcement of a reduction in the base rate from 0.25% to 0.1% on 19 March HMRC is to reduce its interest rates for corporation tax quarterly instalments paid late with effect from 30 March 2020.
For non-quarterly corporation tax instalments and other taxes and duties paid late the reduction will take effect from 7 April 2020.
The reduction in rates for late payment announced on 13 March following the Bank of England’s base interest rate reduction from 0.75% to 0.25% will still take effect on the dates specified in that announcement (23 March and 30 March respectively).
Repayment interest rates will remain unchanged.
