HMRC have updated its late-payment and repayment interest rates, following the Bank of England’s 1 August 2024 decision to cut the bank base rate to 5% (from 5.25%).
For most taxes and payments, the late-payment interest rate will be 7.5% and the repayment rate 4%, with effect from 20 August 2024.
Interest charged on underpaid quarterly instalment payments of corporation tax will be 6%, and interest paid on overpaid quarterly instalments will be 4.75%, with effect from 12 August 2024.
Bonus rates for Save As You Earn (SAYE) schemes are now linked to bank base rate and are also revised according to the bonus rates mechanism. For SAYE contracts taken out on or after 16 August 2024, the bonus rate for five-year contracts is reduced to 3% (from 3.2%), while the bonus rate for three-year contracts remains at 1.1%. The early leaver rate is reduced to 1.33% (from 1.42%).
HMRC have updated its late-payment and repayment interest rates, following the Bank of England’s 1 August 2024 decision to cut the bank base rate to 5% (from 5.25%).
For most taxes and payments, the late-payment interest rate will be 7.5% and the repayment rate 4%, with effect from 20 August 2024.
Interest charged on underpaid quarterly instalment payments of corporation tax will be 6%, and interest paid on overpaid quarterly instalments will be 4.75%, with effect from 12 August 2024.
Bonus rates for Save As You Earn (SAYE) schemes are now linked to bank base rate and are also revised according to the bonus rates mechanism. For SAYE contracts taken out on or after 16 August 2024, the bonus rate for five-year contracts is reduced to 3% (from 3.2%), while the bonus rate for three-year contracts remains at 1.1%. The early leaver rate is reduced to 1.33% (from 1.42%).
