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The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%.
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 and repayment will increase.
These changes come into effect:
● 14 November 2022 for quarterly instalment payments.
● 22 November 2022 for non-quarterly instalments payments. See: HMRC late payment interest rates to be revised after Bank of England increases base rate – GOV.UK (www.gov.uk)