Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297: “the principal Regulations) to add provisions about interest rates in connection with stamp duty land tax, chargeable under Part 4 of the Finance Act 2003 (“Part 4”).
Regulation 1 provides for the citation and commencement of these Regulations.
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends regulation 3 of the principal Regulations to apply the interest rate calculated in accordance with it, to—
amounts of unpaid stamp duty land tax in accordance with section 87 of the Finance Act 2003; and
penalties imposed under Part 4.
Regulation 4 amends regulation 3AB of the principal Regulations to apply the interest rate calculated in accordance with it to repayments of tax and penalties paid under Part 4.