UK HMRC has announced the revision of late payment and repayment interest rates following the base rate cut by the Bank of England from 4.75% to 4.5% on 6 February 2025. 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 4.5%, the late payment and rep…