The Bank of England’s decision on 11th March to cut the interest rates from 0.75% to 0.25% has resulted in HMRC following suit.
Given that HMRC’s interest rates are linked to the Bank of England’s, there is no surprise that yesterday HMRC announced that their late payment interest rates will fall by the same amount from 3.25% to 2.75%.
These changes will come into effect from 23rd March 2020 for any quarterly payments and 30th march for any non-quarterly payments. Any repayment interest rates will remain unchanged (0.5%) at this time.
