Statutory Instrument 1991 No. 1472

The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No.3) Order 1991

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© Crown Copyright 1991

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1991 No. 1472

VALUE ADDED TAX

The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No.3) Order 1991

The Treasury, in exercise of the power conferred on them by section 18(8) of the Finance Act 1985^[1], hereby make the following Order:

    1.    This Order may be cited as the Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No.3) Order 1991 and shall come into force on 6th July 1991.

    2.    For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 10 per cent.

Sydney Chapman

Thomas Sackville

Two of the Lords Commissioners of Her Majesty's Treasury

26th June 1991

This Order reduces from 10.75 per cent. to 10 per cent. the prescribed rate of interest for the purposes of section 18 of the Finance Act 1985 (interest on tax etc recovered or recoverable by assessment)

[1] 1985 c. 54; section 18 was amended by the Finance Act 1988 (c. 39) sections 14 and 18 and Schedule 14, Part III and the Finance Act 1990 (c. 29), section 16 and Schedule 19, Part III. back