Interest rate rises for late payment and repayment

Following the Bank of England Monetary Policy Committee decision on 22 June to increase the Bank of England base rate to 5% from 4.5%, HMRC has announced that HMRC interest rates for late payment and repayment will increase. These changes will come into effect on 3 July 2023 for quarterly instalment payments and on 11 July 2023 for non-quarterly instalments payments.