HMRC set to revise down late payment interest rate!

As HMRC interest rates are linked to the Bank of England base rate they are set to revise down the late payment interest rate which has been at 3.25% from 21st August 2018. This is in light of the quick succession of reductions in the Bank of England base rate from 0.75% down to 0.1%.

The reduction will come into effect on 30 March 2020 for quarterly instalment payments and 7th April 2020 for non quarterly instalment payments.

The interest rate for repayments is to remain unchanged. HMRC will publish details of the new rates shortly under the following link:-

https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates

 

 

 

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