On 5 August 2016, UK HMRC announced that the late payment interest rate will be reduced due to a reduction in the Bank of England base rate to 0.25%. It is the first change in the base rate since March 2009. --- The Bank of England Monetary Policy Committee voted unanimously on 4 August to cut the Bank of England base rate to 0.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment will be reduced. These changes will come into...