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