Cut in interest rates

08 Nov Cut in interest rates

In response to the Bank of England’s cut in the base rate to 0.25% from 0.5%, HMRC have cut the interest charged on late payment of tax.

The rate have been but to 2.75% from 3% which has been charged since 29 September 2009.

There is no change to the rate of interest on repayments. This is still paid at 0.5%.