Statutory Instrument 1992 No. 3015

The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No. 2) Order 1992

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1992 No. 3015

VALUE ADDED TAX

The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No. 2) Order 1992

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. 2) Order 1992 and shall come into force on 6th December 1992.

    2.    For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 7 per cent.

Gregory Knight

Tim Boswell

Two of the Lords Commissioners of Her Majesty's Treasury

2nd December 1992

This Order reduces 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) from 7.75 per cent. to 7 per cent. with effect from 6th December 1992.

[1] 1985 c. 54; section 18 was amended by the Finance Act 1988 (c. 39), sections 14 and 18 and Schedule 14, Part III, the Finance Act 1990 (c. 29), section 16 and Schedule 19, Part III and the Finance (No. 2) Act 1992 (c. 48), section 14 and Schedule 3, paragraph 83. back