HMRC are to update their interest rates for late payments and overpayments of most taxes following the recent Bank of England decision to reduce the base rate to 4.75%. Based on the existing method for calculating the HMRC rates (as provided by SI 1989/1297) the following will apply from 26 November 2024 (except for quarterly instalment payments of corporation tax):
late-payment interest: 7.25%;
repayment interest: 3.75%.
At Autumn Budget 2024 the UK Government announced its intention to increase the late-payment interest rate by 1.5 percentage points from 6 April 2025.
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HMRC are to update their interest rates for late payments and overpayments of most taxes following the recent Bank of England decision to reduce the base rate to 4.75%. Based on the existing method for calculating the HMRC rates (as provided by SI 1989/1297) the following will apply from 26 November 2024 (except for quarterly instalment payments of corporation tax):
late-payment interest: 7.25%;
repayment interest: 3.75%.
At Autumn Budget 2024 the UK Government announced its intention to increase the late-payment interest rate by 1.5 percentage points from 6 April 2025.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
