HMRC late payment interest rates to be revised after Bank of England increases base rate

The Bank of England Monetary Policy Committee voted on 2 February 2022 to increase the Bank of England base rate to 0.50% from 0.25%. 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 the late payment will increase. These changes will come into effect on: 14 February 2022 for quarterly instalment payments21 February 2022 for non-quarterly instalments paymentsRepayment interest rates remain unchanged. Information on the interest rates for the payments will be updated shortly.