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.
Targeted BNG exemption for residential brownfield development
Hard on the heels of the recent announcement on exemptions from mandatory biodiversity net gain (BNG) requirements for smaller sites – on
11 May 2026
