HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate to 3%.
From 14 November 2022, the rate for late paid corporation tax quarterly instalment payments is 4%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments increases to 2.75%.
The new rate for other late paid taxes is 5.5% and repayment interest rate rises to 2%. These take effect from 22 November 2022