OpenLegislation

The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1993

S.I. 1993/421 · Made 2 March 1993

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 2nd March 1993

Laid before the House of Commons 3rd March 1993

Coming into force 6th March 1993

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, 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.

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 1993 and shall come into force on 6th March 1993.

2

For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 6.25 per cent.

Signature

Tim Wood

Tim Kirkhope

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd March 1993

Explanatory note

(This note is not part of the Order)

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 per cent. to 6.25 per cent. with effect from 6th March 1993.