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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 1.25% from 1%.
The rate for late paid corporation tax quarterly instalment payments is 2.25% and takes effect from 27 June 2022. The new rate for other late paid taxes is 3.75% and takes effect from 5 July 2022.
The repayment interest rate is unchanged at 0.5% except for interest paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments which increases to 1% from 27 June 2022.
