• Coronavirus: HMRC reduce late payment interest rate

    Following the Bank of England’s decisions to reduce the base rate in response to the pandemic, HMRC have announced that their late payment interest rate will decrease to 2.6% with effect from 7 April 2020.

     

    The rate, which applies to late payments of the main taxes and duties administered by HMRC, tracks at 2.5% above the base rate.

     

    • For companies in the Corporation Tax quarterly payment regime, the change takes effect from 30 March.
      • The rate for underpayments of quarterly installments is reduced to 1.25% from 23 March 2020.
    • The interest rate which HMRC will apply to overpayments of tax remains unchanged at 0.5%.

    Links

     

    COVID-19: Government support tracker.

     

    External links

     

    HMRC: interest rates for late and early payment

COVID-19: HMRC reduce late payment interest rate - Updated: 7 April 2020

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