The late payment and repayment interest rates charged for the main taxes and duties will change on 23 August 2016.

The changes are:

• The late payment rate of 3.0% will be cut to 2.75%
• The repayment rate will remain at 0.5%.

The change to the interest rates HMRC charges will apply to the following tax duties:

• Income tax
• Corporation tax
• Capital gains tax
• Stamp duty land tax
• Inheritance tax
• Self-assessment.

Rates will often vary so it is important to visit the HMRC website to check out the current rates payable.