Interest rates in the United Kingdom are increasing from 31 May 2023 due to an increase in the Bank of England base rate to 4.50% from 4.25%. The Isle of Man Government follows the same rules as the UK for VAT and indirect taxes. Late payment interest rates will increase to 7.00% and repayment interest rates will increase to 3.50%. On-time payments avoid late payment interest rates, and overpayments may be eligible for repayment interest.
Source gov.im
