For the majority of taxes and payments, the late-payment interest rate will increase to 4.75% and the repayment rate to 1.25%, from 11 October 2022.
Interest charged on underpaid quarterly instalment payments of corporation tax will be 3.25%, and interest paid on overpayments will be 2%, with effect from 3 October 2022.
HMRC raised the rates following the Bank of England’s decision to increase the bank base rate to 2.25%.
HMRC interest rates for late and early payments: tinyurl.com/4cwhax98
