HMRC will raise interest rates on tax debt from 22 November, following the Bank of England's 0.75% increase in the base rate to 3%.
The current late payment and repayment interest rates will be as follows from 22 November;
- Late payment interest rate - 5.5%
- Repayment interest rate - 2%
The late payment interest rate will increase by 0.75%, from 4.75% to 5.5%~. The rate was last increased in October and the new rate means it is now the highest rate since January 2009.
The repayment interest rate will also increase by 0.75%, from 1.25% to 2%.









