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The Taxes (Interest Rate) (Amendment No. 1) Regulations 2001

S.I. 2001/204 · Made 29 January 2001

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 29th January 2001

Laid before the House of Commons 29th January 2001

Coming into force 6th March 2001

The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1989 c. 26; section 178 was amended by paragraph 44 of Schedule 19 to the Finance Act 1994 (c. 9).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the principal Regulations
  4. 4Amendments to the principal Regulations
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 1) Regulations 2001 and shall come into force on 6th March 2001.

2Interpretation

In these Regulations “the principal Regulations” means the Taxes (Interest Rate) Regulations 1989f1 and “regulation” means a regulation of the principal Regulations.

3Amendments to the principal Regulations

In regulation 3(1)(a)f1 for the words “sections 86 and 88” substitute “section 86 (except where regulation 3AA(1)(aa) applies) and section 88”.

4Amendments to the principal Regulations

In regulation 3AA(1)—

(a)

after paragraph (a) insert the following paragraph—

“(aa)

section 86 of the Taxes Management Act 1970f1 as it has effect in relation to accounting periods of companies ending before 1st October 1993 (interest on unpaid assessed corporation tax),”;

(b)

for the words “be 6.25 per cent. per annum” substitute—

  • “be—

    1. (i)

      where paragraph (aa) above applies, 6.5 per cent. per annum;

    2. (ii)

      in all other cases, 6.25 per cent. per annum.”.

Signature

David Jamieson

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

29th January 2001

Explanatory note

(This note is not part of the Regulations)

These Regulations amend regulations 3(1) and 3AA(1) of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297). The effect of the amendments is to ensure that those Regulations specify the rate of interest applicable under section 178 of the Finance Act 1989 for the purposes of section 86 of the Taxes Management Act 1970 (interest on overdue tax) as the latter section has effect in relation to unpaid corporation tax assessed in respect of accounting periods of companies ending before 1st October 1993, that is, before the introduction of the arrangements for payment of corporation tax known as “pay and file”.