The Bank of England Monetary Policy Committee announced on 7 November 2024 to reduce the Bank of England base rate to 4.75% from 5.0%.
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 reduce.
These changes will come into effect on:
• 18 November 2024 for quarterly instalment payments
• 26 November 2024 for non-quarterly instalments payments
Information on the interest rates for payments will be updated shortly.
Further information:
https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments
Institute of Transport Administration