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News Roundup March 2025

HMRC CUTS LATE PAYMENT INTEREST TO 7%

Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC will lower its late payment and repayment interest rates from 25 February.

CHANGES TO INHERITANCE TAX ON PENSIONS FROM 2027

From April 2027, unused pension pots and death benefits will be included in an individual’s estate for inheritance tax (IHT) purposes.

BANK OF ENGLAND CUTS INTEREST RATES TO 4.5%

The Bank of England (BoE) has cut the base rate by 0.25%, bringing it to its lowest since May 2023.

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News Roundup March 2025

Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC will lower its late payment and repayment interest rates from 25 February.

News Roundup February 2025

Most UK businesses are optimistic about the start of 2025, with economic confidence surveys showing plans for growth following a difficult period. However, retail and hiring concerns linger. According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December 2023.

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