UK HMRC has announced the revision of late payment and repayment interest rates following the base rate increase by the Bank of England from 4.5% to 5.0% on 22 June 2023. Late payment interest is set at the base rate plus 2.5% and repayment interest is set at the base rate minus 1%, with a lower limit (minimum rate) of 0.5%. With the latest increase in the base rate to 5.0%, the late payment a…