{
  "url": "https://openlegislation.uk/tax-credits-interest-rate-regulations-2003/regulation-2",
  "json_url": "https://openlegislation.uk/tax-credits-interest-rate-regulations-2003/regulation-2.json",
  "legislation": "uksi/2003/123",
  "legislation_title": "The Tax Credits (Interest Rate) Regulations 2003",
  "legislation_url": "https://openlegislation.uk/tax-credits-interest-rate-regulations-2003",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In these Regulations—\n“the Board” means the Commissioners of Inland Revenue;\n“established rate” means—\n(a) on the coming into force of these Regulations, 6.5 per cent. per annum;\n(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;\n“operative date” means the sixth day of each month;\n“reference date” means the day of each month which is the twelfth working day before the sixth day of the following month;\n“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;\n“working day” means any day other than a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.\n(2) 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—\n(a) Bank of Scotland;\n(b) Barclays Bank plc;\n(c) Lloyds Bank plc;\n(d) HSBC Bank plc;\n(e) National Westminster Bank plc;\n(f) The Royal Bank of Scotland plc,\nand, if the result is not a whole number, rounding the result to the nearest such number, with any result midway between two whole numbers rounded down.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1882 c. 61. Section 92 was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/123/regulation/2",
    "retrieved_at": "2026-10-29T06:33:19.626529+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}