HMRC has been accused of imposing an unfair interest rate rise on late tax payments, while the rate paid when it refunds miscalculated and overpaid tax has remained frozen at just 0.5%.
Interest on late payments increased from 2.75% to 3% following the Bank of England’s rate rise last month.
An estimated 2.3m taxpayers missed the self-assessment tax returns deadline and are now accruing interest on the outstanding tax balances.
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