Increase in interest rates for VAT and other indirect taxes

This news release is issued to draw attention to an increase in interest rates from 24 November 2026. The rules relating to interest charges for late payment are changing in the United Kingdom due to an increase of the Bank of England base rate from 3.75% to 4%. The Isle of Man Government has an agreement with the United Kingdom to keep the management and administration of VAT and other indirect taxes aligned with the United Kingdom. As a consequence of the change in the base rate, the Treasury interest rates for late payment and repayment will increase from 24 November 2026 to the following: Late payment interest rate — 8% Repayment interest rate — 3% As long as you make your payments on time you will not be liable to late payment interest rates. Where you have made an overpayment, you may be due repayment interest. More information on the current and new interest rates can be found on the payments page under Interest Rates . If you are unable to make your VAT payments on time contact Customs and Excise via email at dmu.customs@gov.im or telephone at +44 1624 648160 (Monday to Friday 8:30am to 4:30pm). For general enquiries please email customs@gov.im or call +44 1624 648130 (Mond

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