# The Taxes and Duties, etc (Interest Rate) Regulations 2011, Regulation 4: Repayment interest rate

Extent: E+W+S+N.I.

(1) Except where regulation 5 applies, the repayment interest rate for the purposes of section 102 of the Finance Act 2009 (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.

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Source: https://www.legislation.gov.uk/uksi/2011/2446/regulation/4 (the official version)
Page: https://openlegislation.uk/taxes-and-duties-etc-interest-rate-regulations-2011/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.