Reminder: changes to interest rates on late payments

The late payment and repayment interest rates charged for the main taxes and duties will change on 23 August 2016.

The changes are:

  • the late payment rate of 3.0% will be cut to 2.75% 
  • the repayment rate will remain at 0.5%.

The change to the interest rates HMRC charges will apply to the following tax duties:

  • income tax
  • corporation tax
  • capital gains tax
  • stamp duty land tax
  • inheritance tax
  • self-assessment.

Rates will often vary so it is important to visit the HMRC website to check out the current rates payable.

Talk to a member of our team today about tax.