HMRC to reduce late payment and repayment interest rates in line with BoE's base rate cut.

The UK's HM Revenue and Customs (HMRC) is set to reduce late payment and repayment interest rates following the Bank of England's decision to cut its base rate. This move is in line with global tax authority policies and commercial practices, encouraging prompt payment and fairly compensating taxpayers for use of their money when overpaying. The exact updated interest rates will be announced soon.