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HMRCS’s interest rate rises

In August 2016 the interest rate HMRC charges you for not paying your tax bill on time (which tracks bank interest rates) decreased after nearly seven years of remaining static. However after a blip in inflation over the last year HMRC has now raised its rates

From 21 November 2017 the interest rate is 3% per year up from of 2.75%. However, there’s no change in the rate of interest HMRC pay on refunds. This remains at 0.5% per year. These rates apply to all direct taxes.

01 Feb 2018

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