# The Taxes (Interest Rate) (Amendment No.3) Regulations 1991, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend with effect from 6th July 1991 the provision of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297), as amended by the Taxes (Interest Rate) (Amendment) Regulations 1991 (S.I. 1991/889) and the Taxes (Interest Rate) (Amendment) (No. 2) Regulations 1991 (S.I. 1991/1120), which specifies the official rate of interest for the purposes of section 160 of the Income and Corporation Taxes Act 1988 (c. 1) (taxation of beneficial made to employees). The official rate of interest also determines the “appropriate percentage” for the purposes of the additional charge to tax in respect of certain living accommodation provided for employees under section 146 of the 1988 Act. The amendments substitute a new official rate of interest (12.25 per cent. per anum) for the rate of 12.75 per cent. per anum specified by S.I. 1991/1120.

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Source: https://www.legislation.gov.uk/uksi/1991/1377/note (the official version)
Page: https://openlegislation.uk/taxes-interest-rate-amendment-no3-regulations-1991/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.