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HMRC Interest Rate Up

With the recent increase in the Bank of England base rate to 2.5%, and rumours it may rise to 6% you may assume that this only affects your mortgage payments, and the interest you receive.

If you owe tax to HMRC or they owe you, the amount you pay them or receive will increase as well.

HMRC rates are based on the base rate, you will be charged base rate plus 2.5% for money you owe (5%), and receive base rate minus 1% (1.25%) for money you are owed.

If the base rate gets to 6% the figures will rise to 8.5% payable and 5% receivable.

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