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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) by substituting a new regulation 5 which 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).

The new regulation 5 first provides for an official rate of interest in connection with beneficial loans generally and then, by way of exception, provides for different official rates of interest in connection with certain beneficial loans in specified foreign currencies.