Regulation 4 Repayment interest rateI1
United Kingdom
(1)
Except where regulation 5 applies, the repayment interest rate for the purposes of section 102 of the Finance Act 2009f1 (repayment interest on sums to be paid by HMRC), is the higher of—
(a)
0.5% per annum; and
(b)
the percentage per annum found by applying the following formula—
Bank of England rate – 1.
(2)
The interest rate found under paragraph (1) applies on and after the operative date.
Annotations
Commencement
- I1
Reg. 4 in force at 31.10.2011, see reg. 1
Footnotes
- f1
-
See footnote (d) on page 1.