HMRC increases late payment interest

This comes after The Bank of England (BoE) Monetary Policy Committee voted on 4 August 2022 to increase the BoE base rate to 1.75% from 1.25%, this is due to HMRC interest rates being linked to theBoE base rate.


HMRC has announced that interest rate will increase with effect from 15 August 2022 for late quarterly instalment payments, and that late payment interest for other late payments will increase from 23 August 2022.

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