27 June 2023
As a result of the monetary policy committee’s decision to raise the bank rate to 5%, HM Revenue and Customs’ (HMRC’s) late payment interest fees will rise in line with the increase of 0.5 percentage points.
The rates will change on 3 July 2023 for quarterly instalment payments and 11 July for non-quarterly payments.
Late payment interest rates are set at the bank rate plus 2.5%, meaning a new rate of 7.5%. HMRC states this rate of late payment interest encourages prompt payment.
If you needed any more reasons to pay your HMRC liabilities on time, you have one.
The next bank rate announcement is due on 3 August 2023.
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