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flag UK tax authority reduces late payment interest rate to 7%, benefiting late-paying taxpayers.

flag The UK's tax authority, HMRC, will reduce late payment interest rates for taxpayers from 7.25% to 7% starting February 17, following the Bank of England's base rate cut. flag This change benefits around 1.1 million self-assessment taxpayers who missed the January deadline. flag However, critics argue that HMRC still charges twice as much interest on overdue payments compared to what it pays on tax refunds.

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