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

S.I. 2001/204 · made 29 January 2001

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”.

Made under: Finance Act 1989 (Section 178)

PDFs: Printed copy https://openlegislation.uk/taxes-interest-rate-amendment-no-1-regulations-2001/pdf/uksi_20010204_en.pdf

## Introductory text

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 1989, hereby make the following Regulations:

## 1 Citation 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.

## 2 Interpretation

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

## 3 Amendments to the principal Regulations

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

## 4 Amendments to the principal Regulations

In regulation 3AA(1)—
(a) after paragraph (a) insert the following paragraph—
“(aa) section 86 of the Taxes Management Act 1970 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—
(i) where paragraph (aa) above applies, 6.5 per cent. per annum;
(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”.

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Source: https://www.legislation.gov.uk/uksi/2001/204 (the official version)
Page: https://openlegislation.uk/taxes-interest-rate-amendment-no-1-regulations-2001
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.