The UK tax body has increased the interest rates it charges on late payment of taxes following the rise in the Bank of England base rate.
The rate of interest for late payment will increase from 3% to 3.25% from 21 August 2018. This applies to almost all taxes and duties, including income tax, national insurance contributions, capital gains tax, stamp duty land tax, stamp duty and stamp duty reserve tax.
The exception is quarterly instalment payments of corporation tax - the rate for this will go up from 1.5% to 1.75% from 13 August 2018. Repayment interest remains unchanged at 0.5%. Full details are available on the Government website.