# The Taxes (Interest Rate) (Amendment No. 4) Regulations 1999

S.I. 1999/2637 · made 21 September 1999

These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) so as to impose a new rate of interest under section 87 of the Taxes Management Act 1970 (interest on income tax on company payments) on amounts of tax becoming due and payable on or after 14th October 1999.

Made under: Finance Act 1989 (Section 178)

PDFs: Printed copy https://openlegislation.uk/taxes-interest-rate-amendment-no-4-regulations-1999/pdf/uksi_19992637_en.pdf

## Introductory text

INCOME TAX
INHERITANCE TAX
TAXES
Made 21st September 1999
Laid before the House of Commons 22nd September 1999
Coming into force 14th October 1999
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. 4) Regulations 1999 and shall come into force on 14th October 1999.

## 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 3AA(1) after the word “shall,” there shall be inserted the words “except where regulation 3AC applies and”.

## 4 Amendments to the principal Regulations

After regulation 3AB there shall be inserted the following regulation—
“3AC (1) For the purposes of section 87 of the Taxes Management Act 1970 in so far as it relates to tax that becomes due and payable on or after 14th October 1999, the rate applicable under section 178 shall, subject to paragraph (2), be 7.5 per cent. per annum.
(2) Where on a reference date after 14th October 1999 the reference rate found on that date differs from the established rate, the rate applicable under section 178 for the purposes mentioned in paragraph (1) shall, on and after the next operative date, be the percentage per annum found by applying the formula specified in paragraph (3).
(3) The formula specified in this paragraph is—
RR+2.5 where
RR is the reference rate referred to in paragraph (2).”

## Signature

Jim Dowd
Gordon Brown
Two of the Lords Commissioners of Her Majesty’s Treasury
21st September 1999

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) so as to impose a new rate of interest under section 87 of the Taxes Management Act 1970 (interest on income tax on company payments) on amounts of tax becoming due and payable on or after 14th October 1999.
The new rate of interest imposed by these Regulations applies also to tax becoming due and payable under the following Regulations—
the Income Tax (Entertainers and Sportsmen) Regulations 1987 (S.I. 1987/530);
the Income Tax (Building Societies) (Dividends and Interest) Regulations 1990 (S.I. 1990/2231);
the Income Tax (Manufactured Overseas Dividends) Regulations 1993 (S.I. 1993/2004);
the Taxation of Income from Land (Non-residents) Regulations 1995 (S.I. 1995/2902);
the Manufactured Interest (Tax) Regulations 1997 (S.I. 1997/992).

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Source: https://www.legislation.gov.uk/uksi/1999/2637 (the official version)
Page: https://openlegislation.uk/taxes-interest-rate-amendment-no-4-regulations-1999
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.