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UK – HMRC interest rates increase again

Farrell & Farrell

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%


 
 
 

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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.

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