HMRC late payment interest rates to fall

Following the Bank of England’s announcement of a reduction in the base rate from 0.75% to 0.25%, HMRC is to reduce its interest rates for corporation tax quarterly instalments paid late with effect from 23 March 2020.

For non-quarterly corporation tax instalments and other taxes and duties paid late, the reduction will take effect from 30 March 2020. Repayment interest rates will remain unchanged.

HMRC will publish details of the new rates shortly.