UK HMRC has announced the revision of late payment and repayment interest rates following the base rate cut by the Bank of England from 5.25% to 5.0% on 1 August 2024. 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 cut in the base rate to 5.0%, the late payment and repay…