HMRC repayment interest

HMRC repayment interest

Following the increase in the bank base rate to 1.75%, the HMRC repayment interest rate will increase this month to 0.75%. The interest rate charged on late payments is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. The latest Bank of England rate increase therefore takes the repayment interest rate over the minimum 0.5% for the first time since December 2008.

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