HMRC is increasing the late payment rate of interest to 6.5%, and the repayment interest rate to 3% from 21 February 2023.
Interest charged on underpaid quarterly instalments of corporation tax is increased to 5%, and interest paid on overpaid quarterly instalments (and on early payments of corporation tax not due by instalments) is increased to 3.75%. These increases apply from 13 February 2023.
The rises follow the Bank of England decision to increase bank base rate to 4%.
HMRC is increasing the late payment rate of interest to 6.5%, and the repayment interest rate to 3% from 21 February 2023.
Interest charged on underpaid quarterly instalments of corporation tax is increased to 5%, and interest paid on overpaid quarterly instalments (and on early payments of corporation tax not due by instalments) is increased to 3.75%. These increases apply from 13 February 2023.
The rises follow the Bank of England decision to increase bank base rate to 4%.
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