Almost 100,000 tax-payers have paid £121 million using…
The Bank of England Monetary Policy Committee announced on 11 May 2023 that it would increase the Bank of England base rate to 4.5% from 4.25%. 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 will come into effect on:
- 22 May 2023 for quarterly instalment payments, and
- 31 May 2023 for non-quarterly instalments payments.