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.
Sustainable Farming Incentive (SFI) 2026 Update
Defra has published new guidance for the Sustainable Farming Incentive 2026 (SFI26), providing further detail on how this year’s offer is expected
3 June 2026
