UK HMRC has announced the revision of late payment and repayment interest rates following the base rate increase by the Bank of England from 4.25% to 4.50% on 11 May 2023. Late payment interest is set at the base rate plus 2.5% and repayment interest is set at the base rate minus 1%, with a lower limit (minimum rate) of 0.5%. With the latest increase in the base rate to 4.5%, the late payment and repayment interest rates are increased to 7.0% and 3.5%, respectively, from 31 May 2023. This is up from the rates of 6.75% and 3.25% that...