News story

Bank of England cuts Bank Rate to 0.25%

HMRC interest rates for late payments will be revised following Bank of England interest rate cut.

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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.

Published 5 August 2016