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Regulation 5 Applicable rate of official rate of interestI1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

For the purpose of section 160 of the Income and Corporation Taxes Act 1988f1 the rate applicable under section 178 shall, subject to paragraph (2), be 15.5 per cent. per annum.

(2)

Where, on a reference date after the coming into force of these Regulations, the reference rate found on that date differs from the established rate, the rate applicable under section 178 for the purpose of section 160 of the Income and Corporation Taxes Act 1988, 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 + 1.5,

where RR is the reference rate referred to in paragraph (2).

Annotations

Commencement

I1

Reg. 5 in force at 18.8.1989, see reg. 1

Footnotes

f1

1988 c. 1; section 160 was amended by section 179(1) of the Finance Act 1989.