top of page
  • Farrell & Farrell

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%



10 views0 comments

Recent Posts

See All

UK: The minimum standards for private rented properties

The minimum standards for private rented properties have been set as a: • Smoke alarm installed in;  The room which is most frequently used by the occupants for general daytime living purposes (norma

UK: Interest rates remain unchanged at 5.25%

The Bank of England has today confirmed that interest rates will remain unchanged for the sixth time in a row at 5.25% as expected. #FarrellAndFarrell #crossbordertaxadvisors #crossborder #taxadvisors

Comments


bottom of page