Following the recent announcement from the Bank of England that the base rate has been decreased by 0.25% to 5.00%, HMRC have published their revised interest rates for late payment and repayment interest. The interest rates will be:
- Late payment interest: 7.5%
- Repayment interest: 4.0%
The new interest rates will apply from 20 August 2024.
Source gov.uk
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