# The Taxes and Duties (Interest Rate) (Amendment) Regulations 2009, Regulation 6: Insertion of new regulation 3AAA


After regulation 3A insert—
“3AAA. (1) For the purposes of—
(a) paragraph 16 of Schedule 2 to the Oil Taxation Act 1975,
(b) paragraph 59 of Schedule 8 to the Development Land Tax Act 1976, and
(c) section 825 of, and paragraph 3 of Schedule 19A to, the Income and Corporation Taxes Act 1988,
the rate applicable under section 178 shall, subject to paragraph (3), be the percentage per annum found by applying the formula specified in paragraph (2), but if the result is not a multiple of one-quarter the result shall be rounded down to the nearest amount which is such a multiple.
(2) The formula specified for the purposes of paragraph (1) is—
( RR+2.5 )×80 100 , where RR is the official bank rate determined at the meeting of the Monetary Policy Committee of the Bank of England which immediately preceded the coming into force of these Regulations.
(3) Where on a reference date after the coming into force of these Regulations, the reference rate found on that date differs from the established rate, the rate applicable under section 178 for the purposes of the enactments referred to in paragraph (1) shall, on and after the next operative date, be the higher of—
(a) 0.5% per annum, and
(b) the percentage per annum found by applying the formula specified in paragraph (4).
(4) The formula specified in this paragraph is—
RR−1, where RR is the reference rate referred to in paragraph (3).”.

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Source: https://www.legislation.gov.uk/uksi/2009/2032/regulation/6 (the official version)
Page: https://openlegislation.uk/taxes-and-duties-interest-rate-amendment-regulations-2009/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.