04 August 2023
Announced on 3 August 2023 by the Bank of England (BoE), the bank rate is now set at 5.25%. HM Revenue and Customs (HMRC) interest rates for late and early payments have also been updated.
These interest rates are set in legislation and are set as follows:
• late payment interest rate is the base rate plus 2.5%
• repayment interest is set at the base rate minus 1%, but with a lower limit of 0.5%.
From 22 August 2023, the rates will be:
• late payment interest – 7.75%
• repayment interest – 4.25%.
Find out more information, here.
Keep a look out for the next update on the bank rate, due on the 21 September 2023.
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