# The Alcoholic Products (Repayment Interest Rate) (Alcohol Duty) Regulations 2025, Regulation 2: Interpretation


In these Regulations—
“alcohol duty” has the meaning given in section 47 of the Finance (No. 2) Act 2023 (alcohol duty: charge);
“Bank of England rate” means the official bank rate as announced at the relevant meeting;
“operative date” means the 13th working day following the relevant meeting;
“relevant meeting” means the most recent meeting of the Monetary Policy Committee of the Bank of England;
“repayment interest rate” means the rate of interest applicable for the purposes of Parts 2 and 3 of Schedule 3 to the Finance Act 2001 (interest payable on repayments etc.) for the purposes of alcohol duty;
“working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day that is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom.

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Source: https://www.legislation.gov.uk/uksi/2025/947/regulation/2 (the official version)
Page: https://openlegislation.uk/alcoholic-products-repayment-interest-rate-alcohol-duty-regulations-2025/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.