HMRC has lowered the interest charged on late self assessment tax payments, reducing the rate from 8% to 7.75%. The change reflects the link between late payment interest and the Bank of England base rate. Taxpayers who miss the 31 January deadline still face fixed penalties, followed by daily charges and further percentage-based penalties if payment is delayed for several months. HMRC says the interest regime is designed to encourage timely payment and ensure fairness for compliant taxpayers.
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