HMRC raises late payment interest rate

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.50%.

The Bank of England Monetary Policy Committee voted on 2 February 2022 to increase the Bank of England base rate to 0.50% from 0.25%.

HMRC interest rates are linked to the Bank of England base rate.

As a consequence of the change in the base rate, HMRC interest rates for the late payment will increase. These changes will come into effect on:

  • 14 February 2022 for quarterly instalment payments

  • 21 February 2022 for non-quarterly instalments payments

Repayment interest rates remain unchanged.

Find the interest rates that apply on late or early payments across all tax regimes here.