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Home » News & Insights » Changes to HMRC interest rates

Changes to HMRC interest rates

Posted on 10th February 2022

Following the recent increase in the Bank of England base rate from 0.25% to 0.50% HMRC has announced there will be changes to the rates of interest they charge.  

The BoE’s Monetary Policy Committee voted 5-4 in favour of raising interest rates by 25 basis points to 0.50% in a move to stem rising inflation.

The late payment interest rate applied to the main taxes and duties that HMRC charges interest on will increase as HMRC interest rates are linked to the Bank of England base rate.

These changes will come into effect on:

  • 14 February 2022 for quarterly instalment payments
  • 21 February 2022 for non-quarterly instalments payments

The repayment interest rates applied to the main taxes and duties that HMRC pays interest on will remain unchanged at 0.5%. This rate has been in place since September 2009.

MJB Avanti | 08000 388799

Source: Informanagement

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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