Rates of interest paid by and to HMRC and the devolved tax authorities reflecting BoE interest rate rise to 3%

Published on: 07 November 2022

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Specialist Tax Regulatory Materials

Article summary

HMRC has announced that it will increase its late payment interest rates to reflect the rise in the Bank of England base rate. The Bank of England raised interest rates to 3% on 3 November 2022. Generally HMRC’s late payment interest rate is set, by regulation, at the Bank of England base rate plus 2.5% (other than in respect of corporation tax quarterly instalments). For quarterly instalments payments, HMRC’s interest rate is set at the Bank of England base rate plus 1%.

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

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