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The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No.2) Order 1991

S.I. 1991/1078 · Made 25 April 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

VALUE ADDED TAX

Made 25th April 1991

Laid before Parliament 29th April 1991

Coming into force 6th May 1991

The Treasury, in exercise of the power conferred on them by section18(8) of the Finance Act 1985f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1985 c. 54; section 18 was amended by the Finance Act1988 (c. 39), sections 14 and 18 and Schedule 14, Part III and theFinance Act 1990 (c. 29), section 16 and Schedule 19, Part III.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Finance Act 1985 (Interest on Tax)(Prescribed Rate) (No.2) Order 1991 and shall come into force on 6th May1991.

2

For the purposes of subsections (1), (3) and (6) of section 18 ofthe Finance Act 1985 the prescribed rate shall be 10.75 per cent.

Signature

Irvine Patnick

Sydney Chapman

Two of the Lords Commissioners of Her Majesty’s Treasury

25th April 1991

Explanatory note

(This note is not part of the Order)

This Order reduces from 11.50 per cent. to 10.75 per cent. theprescribed rate of interest for the purposes of section 18 of theFinance Act 1985 (interest on tax etc recovered or recoverable byassessment).