HMRC late payment interest rates to be revised after Bank of England increases base rate

TDPel Media News – Original Reporting and Breaking Updates

By Tolulope Dolapo Thomas

Published: February 4, 2022 | 2:34 PM GMT

The Bank of England Monetary Policy Committee voted on 2 February 2022 to increase the Bank of England base rate to 0.50% from 0.25%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for the late payment will increase. These changes will come into effect on:

14 February 2022 for quarterly instalment payments
21 February 2022 for non-quarterly instalments payments

Repayment interest rates remain unchanged.
Information on the interest rates for the payments will be updated shortly.

Science News

About Tolulope Dolapo Thomas

Tolulope Dolapo Thomas, BSc, is a Public Health Educator and Broadcast Journalist with extensive experience in radio and television. She specializes in Health Promotion, Sexual and Reproductive/Fertility Health, and Environmental Health. Certified in CPR and First Aid, Tolulope is passionate about empowering women through evidence-based public health education, fertility awareness, and community sensitization. She is currently pursuing an MSc in Public Health and is the founder of Everywoman Health by TD, a women-focused health platform dedicated to providing accurate, accessible, and trustworthy guidance for women at every stage of life.