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Late-payment interest rates increased again

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The HMRC late-payment interest rate for most taxes will increase to 3.25% from 5 April 2022, following the Bank of England’s decision on 16 March to increase the bank base rate from 0.50% to 0.75%.

Interest charged on underpaid quarterly instalments of corporation tax will increase to 1.75% with effect from 28 March 2022.

Repayment interest rates remain unchanged at 0.5%. The repayment rate is set at base rate minus 1%, subject to a 0.5% minimum.

Issue: 1569
Categories: News