HMRC has raised its late payment and repayment interest rates again, following the most recent increase in the bank base rate. With effect from 31 May 2023, HMRC’s interest rates will be as follows for most taxes:
late-payment of tax (amounts due from the taxpayer to HMRC): 7%; and
repayment of tax (amounts due from HMRC to the taxpayer): 3.5%;
For quarterly instalments of corporation tax, the revised rates are as follows from 22 May 2023:
underpaid instalments: 5.5%; and
overpaid instalments (and early payments of corporation tax not due by instalments): 4.25%.
HMRC has raised its late payment and repayment interest rates again, following the most recent increase in the bank base rate. With effect from 31 May 2023, HMRC’s interest rates will be as follows for most taxes:
late-payment of tax (amounts due from the taxpayer to HMRC): 7%; and
repayment of tax (amounts due from HMRC to the taxpayer): 3.5%;
For quarterly instalments of corporation tax, the revised rates are as follows from 22 May 2023:
underpaid instalments: 5.5%; and
overpaid instalments (and early payments of corporation tax not due by instalments): 4.25%.
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