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The Taxes (Interest Rate) (Amendment No. 2) Regulations 1994

S.I. 1994/1567 · Made 14 June 1994

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

INHERITANCE TAX

TAXES

Made 14th June 1994 Laid before the House of Commons15th June 1994

Coming into force 6th July 1994

The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989f1 and section 160(5) of the Income and Corporation Taxes Act 1988f2, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1989 c. 26.

f2

1988 c. 1; section 160(5) was amended by section 179(1)(g) of the Finance Act 1989 and section 88(2) of the Finance Act 1994 (c. 9).

Contents

  1. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Explanatory note

1

These Regulations may be cited as the Taxes (Interest Rate) (Amendment No.2) Regulations 1994 and shall come into force on 6th July 1994.

2

In regulation 5 ofthe Taxes (Interest Rate) Regulations 1989f1, in the entry relating to Switzerland in the Table—

(a)

for “6th June 1994” there shall be substituted “6th July 1994”;

(b)

for “5.7 per cent.per annum.” there shall be substituted “5.5 per cent.per annum.”.

Signature

Timothy Kirkhope

Irvine Patnick

Two of the Lords Commissioners of Her Majesty’s Treasury

14th June 1994

Explanatory note

(This note is not part of the Order)

These Regulations amend regulation 5 of the Taxes (Interest Rate) Regulations 1989 (S. I.1989/1297). That regulation provides for the official rate of interest for the purposes of section 160 of the Income and Corporation Taxes Act 1988 (taxation of beneficial loans made to employees) by first specifying an official rate of interest for beneficial loans generally and then specifying, by way of exception, different official rates of interest for certain beneficial loans in specified foreign currencies.

The amendment made by these Regulations specifies, with effect from 6th July 1994, an official rate of interest of 5.5 per cent. per annum for certain beneficial loans made in the currency of Switzerland, in substitution for the rate of 5.7 per cent. per annum specified by S. I. 1994/1307.