Interest on late paid tax increases
November 29, 2017
From 21 November, the interest rate charged by HMRC on tax paid late rose from 2.75% to 3%. There is an exception for corporation tax paid by quarterly instalments, for which the interest rate increased on 13 November 2017 from 1.25% to 1.50%.
The interest rate paid by HMRC to taxpayers on overpaid or early paid tax has not changed. This remains at 0.5% in every case, including for overpaid quarterly instalments of corporation tax. The official rate of interest for beneficial loans is unchanged and remains at 2.5% for the current 2017/18 tax year.