Statutory Instrument 1992 No. 2075

The Taxes (Interest Rate) (Amendment No. 3) Regulations 1992

---

© Crown Copyright 1992

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Royal Arms and the Queen's Printer imprints.

The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. The authoritative version is the Queen's Printer copy published by The Stationery Office Limited as the The Taxes (Interest Rate) (Amendment No. 3) Regulations 1992, ISBN 0110250753. Purchase this item. For details of how to obtain an official copy see How to obtain The Stationery Office Limited titles.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1992 No. 2075

INCOME TAX

INHERITANCE TAX

TAXES

The Taxes (Interest Rate) (Amendment No. 3) Regulations 1992

The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989^[1], hereby make the following Regulations:

    1.    These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 3) Regulations 1992 and shall come into force on 14th November 1992.

    2.    In regulation 3 of the Taxes (Interest Rate) Regulations 1989^[2], in paragraph (1)(g), after "825 of," there shall be inserted "and paragraph 6B of Schedule 3 to,".

Tim Wood

Tim Boswell

Two of the Lords Commissioners of Her Majesty's Treasury

24th August 1992

These Regulations, made under powers contained in section 178 of the Finance Act 1989, make provision for the rate of interest applicable for the purposes of paragraph 6B of Schedule 3 to the Income and Corporation Taxes Act 1988 for periods beginning on or after 14th November 1992.

Subsection (1) of section 178 of the 1989 Act provides that the rate of interest for the enactments to which that section applies is to be the rate provided for by regulations made by the Treasury under that section. The Regulations so made are the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) ("the 1989 Regulations"). Regulation 3 of the 1989 Regulations specifies the interest rate applicable under section 178 in relation to various enactments which apply to unpaid income tax, surtax, capital gains tax, corporation tax (including advance corporation tax), petroleum revenue tax and development land tax, repayments of petroleum revenue tax, overpaid development land tax and stamp duty reserve tax and repayment supplement. It also makes provision for changes in the applicable interest rate and for the formula to be used in calculating the new rate.

These Regulations provide for paragraph 6B of Schedule 3 to be one of the enactments to which regulation 3 of the 1989 Regulations applies.

Paragraph 6A and 6B of Schedule 3 to the 1988 Act were both inserted by paragraph 2(2) of Schedule 11 to the Finance (No. 2) Act 1992. Paragraph 6B provides that any tax due under paragraph 6A shall carry interest, at the rate applicable under section 178 of the 1989 Act, from the date on which it becomes due until it is paid. Paragraph 6A applies to transactions falling within paragraph 6 (the payment of public revenue dividends, foreign dividends and proceeds of coupons) and provides that income tax (at the basic rate in force at the time of payment) shall become due in respect of the relevant dividends or proceeds on the fourteenth day following the month in which the transaction is effected.

[1] 1989 c. 26; section 178 was amended by paragraph 5 of Schedule 11 to the Finance (No. 2) Act 1992 (c. 48) and (prospectively) by section 17(10) of the Social Security Act 1990 (c. 27). back

[2] S.I. 1989/1297, to which there are amendments not relevant to these Regulations. back