Further increases to HMRC interest rates
In the wake of the “mini-Budget” and the resulting economic concerns, the increase in the Bank of England base rate to 2.25%, then 3.00% and 3.50% has resulted in further increases to HMRC interest rates, following the already recent increase on 23 August 2022. For most taxes these are as follows:
| Effective date | Late payment | Repayment |
| 11 October 2022 | 4.75% | 1.25% |
| 22 November 2022 | 5.50% | 2.00% |
| 6 January 2023 | 6.00% | 2.50% |
For corporation tax quarterly instalment payments the increases take effect sooner:
| Effective date | Underpayment | Overpayment |
| 3 October 2022 | 3.25% | 2.00% |
| 14 November 2022 | 4.00% | 2.75% |
| 23 December 2022 | 4.50% | 3.25% |