HMRC has decreased interest rates for late payments for most taxes, after the Bank of England’s decision to reduce the base rate to 4.75%.
From 18 November 2024, the rate for late paid corporation tax quarterly instalment payments is 5.75%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments falls to 4.5%.
The new rate for other late paid taxes is 7.25% and repayment interest rate lowers to 3.75%. These take effect from 26 November 2024.
