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HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate to 5%.
From 3 July 2023, the rate for late paid corporation tax quarterly instalment payments is 6%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments increases to 4.75%.
The new rate for other late paid taxes is 7.5% and repayment interest rate rises to 4%. These take effect from 11 July 2023.
