# The Income Tax (Employments) Regulations 1993, Regulation 52: Interest on tax overdue–further provisions


(1) In regulation 50 and 51 “the prescribed rate” means the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 86 of the Management 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.
(2) The tax payable to which regulation 50(1) or 51(1) applies shall carry interest from the reckonable date even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.
(3) Interest payable under regulation 50 or 51 shall be recoverable as if it were an amount of tax which an employer is liable under regulation 40 or 41 to pay to the collector.

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Source: https://www.legislation.gov.uk/uksi/1993/744/regulation/52 (the official version)
Page: https://openlegislation.uk/income-tax-employments-regulations-1993/regulation-52
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.