UK HMRC has announced the revision of late payment and repayment interest rates following the base rate increase by the Bank of England from 4.0% to 4.25% on 23 March 2023. Late payment interest is set at the base rate plus 2.5% and repayment interest is set at the base rate minus 1%, with a lower limit (minimum rate) of 0.5%. With the latest increase in the base rate to 4.25%, the late payment and repayment interest rates are increased to 6.75% and 3.25%, respectively, from 13 April 2023.
Source Orbitax
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