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UK – Further increases in HMRC late payment and repayment interest rates

Due to the increase in the Bank of England base rate last week, HMRC has since announced the associated increase in its interest rates from 4.5% to 5%.

Therefore, the new rates will take effect from Monday 3 July 2023 for quarterly instalment payments, and Tuesday 11 July 2023 for non-quarterly instalments payments.

The two new increased rates of interest will be as follows:-

1. Late payment interest rate — 7% increasing to 7.5%

2. Repayment interest rate — 3.5% increasing to 4%

#bankofengland | #interestrates | #hmrc | #accountants | #crossborder | #tax | #taxspecialists | #newryandmourne | #northernireland | #taxadvisors | #farrellandfarrell

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