Reacting to the change in the Bank of England base rate yesterday HMRC have confirmed that their rate of interest for late payment of various taxes will be increased, although the exact amount of the change has still to be announced.
HMRC interest rate changes will come into effect on 13 August 2018 for quarterly instalment payments and 21 August 2018 for non-quarterly instalment payments. Repayment interest rates remain unchanged.
The department intends to provide updated information on the interest rates for late payments shortly. Until the announcement, late payment interest rates were fixed at 3% and repayment interest rates at 0.5%.
The announcement, and further updates by HMRC, can be found on their website.