Interest rates increase at HMRC

If you have been late with payment of income tax, National Insurance contributions, stamp duty, stamp duty reserve tax, capital gain tax, corporation tax then you are liable to interest charges.

As the Bank of England rate has increased HMRC has revised the rates of interest that they are charging.

From the 13th April the “late payment interest rate” increased to 6.75% and the “repayment interest rate” increased to 3.25%.

The late payment interest rate was at just 0.25% so the increase could make a notable difference.