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Further rise in HMRC interest rates confirmed Dunhams News Blog

Further rise in HMRC interest rates confirmed


Posted on: 30-06-2023

Further rise in HMRC interest rates confirmed

Following the 13th consecutive increase in the Bank of England (BoE) base rate, HMRC’s interest rates on overpaid or underpaid tax will also increase. What are they and when will they take effect?

Further rise in HMRC interest rates confirmed Dunhams News Blog

From 3 July 2023 the following rates will apply:

From 11 July, the rates for other taxes will apply:

for more information on Business Tax see our Business Tax page.

Further rise in HMRC interest rates confirmed

In a press release HMRC states that the rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay. Anyone struggling to pay a tax debt should contact HMRC to try and agree a payment plan. This won’t prevent interest being charged, but will protect against penalties if the agreed terms are adhered to.

If you would like any assistance with any of these points.

Please Call Us on 0161 872 8671

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