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The Finance Act 1985 (Interest on Tax) (Prescribed Rate)(No. 2) Order 1990

S.I. 1990/2113 · Made 24 October 1990

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 24th October 1990

Laid before the House of Commons 26th October 1990

Coming into force 6th November 1990

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) (No. 2) Order 1990 and shall come into force on 6th November 1990.

2

For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 12.25 per cent.

Signature

Irvine Patnick

Gregory Knight

Two of the Lords Commissioners of Her Majesty’s Treasury

24th October 1990

Explanatory note

(This note is not part of the Order)

This Order reduces from 13 per cent to 12.25 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).