The Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will be increasing.
These changes will come into effect on:
- 14 November 2022 for quarterly instalment payments
- 22 November 2022 for non-quarterly instalments payments