News story

Bank of England increases interest rate to 0.5%

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

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The Bank of England Monetary Policy Committee voted 7-2 on 2 November 2017 to increase the Bank of England base rate to 0.5%.

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 increased.

These changes will come into effect on:

  • 13 November 2017 for quarterly instalment payments
  • 21 November 2017 for non-quarterly instalment payments

Repayment interest rates remain unchanged.

Information on the interest rates for late payments will shortly be updated here.

Published 3 November 2017