Interest rates for late payment of taxes
29th November 2017
Following the increase in the Bank of England base rate from 0.25% to 0.5% earlier this month, the rate of interest charged on the late payment of taxes increased from 2.75% to 3% with effect from 21 November 2017. The exception is corporation tax payable by quarterly instalments where the interest rate has already increased from 1.25% to 1.5% with effect from 13 November 2017.
Repayment supplement continues to be paid at a rate of 0.5%.