Interest on late paid tax rises to 3%

The rates on interest on late paid tax will increase from November 2017.

 

This follows the Bank of England Monetary Policy Committee decision on 2 November to increase the Bank of England base rate to 0.5%. HMRC interest rates are linked to the Bank of England base rate.

 

The interest rate for late payment will rise from 2.75% to 3.0% from 21 November 2017. This rate applies to almost all taxes and duties.

 

The exception is quarterly instalment payments of corporation tax, for which the rate rises from 1.25% to 1.50% from 13 November 2017.

 

Repayment interest remains unchanged, at 0.5%.

 

A full list of current and previous interest rates is at Interest rates for late and early payments

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