# The Tax Credits (Interest Rate) Regulations 2003, Regulation 2: Interpretation


(1) In these Regulations—
“the Board” means the Commissioners of Inland Revenue;
“established rate” means—
(a) on the coming into force of these Regulations, 6.5 per cent. per annum;
(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.
(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—
(a) Bank of Scotland;
(b) Barclays Bank plc;
(c) Lloyds Bank plc;
(d) HSBC Bank plc;
(e) National Westminster Bank plc;
(f) The Royal Bank of Scotland plc,
and, 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.

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Source: https://www.legislation.gov.uk/uksi/2003/123/regulation/2 (the official version)
Page: https://openlegislation.uk/tax-credits-interest-rate-regulations-2003/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.