# The Income Tax (Employments) (Amendment No. 3) Regulations 1996, Regulation 10: Amendments to the principal Regulations


After regulation 53 there shall be inserted—
“Interest on tax overpaid by employer—1996—97 and subsequent years
53A (1) Where tax in respect of the year ended 5th April 1997 or any subsequent year is repaid to an employer after the end of the year in respect of which the tax was paid, the tax repaid shall carry interest at the prescribed rate—
(a) from the 14th day after the end of the year in respect of which the tax was paid or, if later,
(b) from the date on which the payment of tax for that year was made.
(2) In paragraph (1) “the prescribed rate” means the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 824 of the Taxes Act; and where that rate changes on an operative date within the meaning given by regulation 2 of the Taxes (Interest Rate) Regulations 1989 by virtue of those Regulations, the change shall have effect for periods beginning on or after the operative date in relation to interest running from before that date as well as from or from after that date.”

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Source: https://www.legislation.gov.uk/uksi/1996/1312/regulation/10 (the official version)
Page: https://openlegislation.uk/income-tax-employments-amendment-no-3-regulations-1996/regulation-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.