Bank of England increases interest rate to 0.5%

The Bank of England Monetary Policy Committee voted 7-2 on 2 November 2017 to increase the Bank of England base rate to 0.5%.

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 late payment will be increased.

These changes will come into effect on:

• 13 November 2017 for quarterly instalment payments
• 21 November 2017 for non-quarterly instalment payments

Repayment interest rates remain unchanged.

Information on the interest rates for late payments will shortly be updated here.