HMRC has raised the rate it charges people and businesses for late tax payments by 0.35 percentage points to 3.25%. The move follows the Bank of England’s latest quarter-point rate rise to 0.75%. The repayment interest rate - the rate HMRC levies on top of sums it owes to taxpayers - has remained at 0.5% since 2009. Tom Selby, a senior analyst at investment platform AJ Bell, said: “It seems grossly unfair for HMRC to increase the late payment rate for those who owe it money without doing the same thing when it owes other people money”.
Source: The Times (23/08/2018)