UK Reduces Late Payment and Repayment Interest Rates
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…
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