HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase base rate from 0. 5% to 0.75%.
The rate for late paid corporation tax quarterly instalment payments is 1.75% and takes effect from 28 March 2022. The new rate for other late paid taxes is 3.25% and takes effect from 5 April 2022.
The repayment interest rate is unchanged at 0.5%.
