The Bank of England Monetary Policy Committee voted unanimously on 4 August to cut the Bank of England base rate to 0.25%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment will be reduced.
These changes will come into effect on:
- 15 August 2016 for quarterly instalment payments
- 23 August 2016 for non-quarterly instalment payments
Repayment interest rates remain unchanged.
Information on the interest rates for late payments will be updated shortly.