HMRC has revealed that its late payment interest rates are to be revised after the Bank of England cut its base rate to 0.1%. As HMRC interest rates are linked to the Bank of England base rate, they are also to decrease. These changes to HMRC interest rates are to come into force on 30 March 2020 for quarterly instalment payments and on 7 April 2020 for non-quarterly instalments payments. Revenue Scotland has also amended its base interest rate in line with the Bank of England. Repayment interest rates are to remain unchanged.
