Due to the decrease in the Bank of England base rate at the beginning of November, HMRC subsequently announced the associated decreases in its interest rates. The new rates took effect from Monday 18 November 2024 for quarterly instalment payments, and 26 November 2024 for non-quarterly instalments payments.
The two new decreased rates of interest are as follows:-
- late payment interest, set at base rate plus 2.5 percent, is now 7.25 percent; and
- repayment interest, set at base rate minus 1 percent, with a lower limit of 0.5 percent (known as the minimum floor), is now 3.75 percent.
LOADING...