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The Taxes (Interest Rate) (Amendment) Regulations 1992

S.I. 1992/265 · Made 13 February 1992

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 13th February 1992

Laid before the House of Commons 14th February 1992

Coming into force 6th March 1992

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

Contents

  1. 1Citation and commencement
  2. 2Amendments to the Taxes (Interest Rate) Regulations 1989
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Taxes (Interest Rate) (Amendment) Regulations 1992 and shall come into force on 6th March 1992.

2Amendments to the Taxes (Interest Rate) Regulations 1989

In regulation 5 of the Taxes (Interest Rate) Regulations 1989 f1—

(a)

for “6th October 1991” there shall be substituted “6th March 1992”;

(b)

for “11.25 per cent. per annum” there shall be substituted “10.75 per cent. per annum”.

Signature

Gregory Knight

Irvine Patnick

Two of the Lords Commissioners of Her Majesty’s Treasury

13th February 1992

Explanatory note

(This note is not part of the Regulations)

These Regulations amend with effect from 6th March 1992 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 other later Regulations (S.I. 1991/1120, 1377, 1695 and 2070), which specifies 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). 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 (10.75 per cent. per annum) for the rate of 11.25 per cent. per annum specified by S.I. 1991/2070.