HMRC Late Repayment interest charge increased

20 December 2021

Following the Bank of England’s Monetary Policy Committee vote on 16 December 2021 to increase the base rate, Her Majesty’s Revenue and Customs (HMRC) will be raising the interest rate for late payments.

The base rate has risen from 0.1% to 0.25%, HMRC’s interest rate for late payments is linked to this and will rise with it. Repayment interest rates will remain as they are.

The changes will come into effect on:

•    27th December 2021 for quarterly instalment payments
•    4 January 2022 for non-quarterly instalment payments

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