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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 1.75% from 1.25%.
From 15 August 2022, the rate for late paid corporation tax quarterly instalment payments is 2.75%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments increases to 1.5%.
The new rate for other late paid taxes is 4.25% and repayment interest rate rises to 0.75%. These take effect from 23 August 2022.
HMRC interest rates: tinyurl.com/hmrcinterest
