Regulation 2 Interpretation

In these Regulations—

• “the Board” means the Commissioners of Inland Revenue;

• “established rate” means—

  1. (a)

     on the coming into force of these Regulations, 6.5 per cent. per annum;

  2. (b)

     in relation to any date after the first reference date after the coming into force of these Regulations, the reference rate found on the immediately preceding reference date;

• “operative date” means the sixth day of each month;

• “reference date” means the day of each month which is the twelfth working day before the sixth day of the following month;

• “tax credit” means child tax credit or, as the case may be, working tax credit, provision for which is made by the Tax Credits Act 2002;

• “working day” means any day other than a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882^f1.

For the purposes of regulation 4(2) the reference rate found on a reference date is the percentage per annum found by averaging the base lending rates at close of business on that date of—