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The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1991

S.I. 1991/348 · Made 26 February 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 26th February 1991

Laid before Parliament 1st March 1991

Coming into force 6th March 1991

The Treasury, in exercise of the power conferred on them by section 18(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 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.

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) Order 1991 and shall come into force on 6th March 1991.

2

For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 11.50 per cent.

Signature

Thomas Sackville

Sydney Chapman

Two of the Lords Commissioners of Her Majesty’s Treasury

26th February 1991

Explanatory note

(This note is not part of the Order)

This Order reduces from 12.25 per cent to 11.50 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.