HMRC has raised both the late payment and repayment interest rates, following the Bank of England’s decision to increase the bank base rate to 3%. For most taxes and payments, the late-payment interest rate will be 5.5% and the repayment rate 2%, with effect from 22 November 2022.
Interest charged on underpaid quarterly instalment payments of corporation tax will be 4%, and interest paid on overpayments will be 2.75%, with effect from 14 November 2022.
HMRC has raised both the late payment and repayment interest rates, following the Bank of England’s decision to increase the bank base rate to 3%. For most taxes and payments, the late-payment interest rate will be 5.5% and the repayment rate 2%, with effect from 22 November 2022.
Interest charged on underpaid quarterly instalment payments of corporation tax will be 4%, and interest paid on overpayments will be 2.75%, with effect from 14 November 2022.
