HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate from 0.25% to 0.5%.
The rate for late paid corporation tax quarterly instalment payments is 1.5% and takes effect from 14 February 2022. The new rate for other late paid taxes is 3% and takes effect from 21 February 2022.
The repayment interest rate is unchanged at 0.5%.
