The late payment interest rate will increase to 4.75% from 11th October 2022. This is the highest rate since the height of the financial crisis in January 2009.
Late payment interest is payable on late tax bills for income tax, national insurance contributions (NICs), capital gains tax (CGT), Stamp Duty Land Tax (SDLT) and stamp duty reserve tax (SDRT). The corporation tax self assessment rate will also increase to 4.75%.
The repayment interest rate will also be increased from the current 0.75% repayment interest rate to 1.25%.
Corporation tax self assessment interest rates for interest charged on underpaid quarterly instalment payments rise to 3.25%.
The interest paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments rises to 2% from 3 October 2022.
More information here
