On 5 August 2016, UK HMRC announced that the late payment interest rate will be reduced due to a reduction in the Bank of England base rate to 0.25%. It is the first change in the base rate since March 2009.
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The Bank of England Monetary Policy Committee voted unanimously on 4 August to cut the Bank of England base rate to 0.25%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment will be…