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COVID-19: HMRC reduce late payment interest rate - Updated: 17 November 2020
Coronavirus: HMRC reduce late payment interest rate
Following the Bank of England’s decisions to reduce the base rate in response to the pandemic, HMRC have announced that their late payment interest rate will decrease to 2.6% with effect from 7 April 2020.
The rate, which applies to late payments of the main taxes and duties administered by HMRC, tracks at 2.5% above the base rate.
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