top of page
  • Farrell & Farrell

UK – HMRC interest rates increase again

As HMRC interest rates are linked to the Bank of England base rate, the 3 August increase from 5% to 5.25% has triggered another increase in rates for late payments and repayment of tax.

Therefore, the new rates will take effect from Tuesday, 22 August 2023.

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

1. Late payment interest rate — 7.5% increasing to 7.75%

2. Repayment interest rate — 4% increasing to 4.25%

14 views0 comments

Recent Posts

See All

UK: BOE interest rate held at 5.25%

Despite the inflation rate in May hitting the Bank of England’s target of 2% for the first time in 3 years, the Bank of England has today confirmed that interest rates will be held at 5.25% for the se


bottom of page