{
  "url": "https://openlegislation.uk/taxes-interest-rate-regulations-1989/regulation-5",
  "json_url": "https://openlegislation.uk/taxes-interest-rate-regulations-1989/regulation-5.json",
  "legislation": "uksi/1989/1297",
  "legislation_title": "The Taxes (Interest Rate) Regulations 1989",
  "legislation_url": "https://openlegislation.uk/taxes-interest-rate-regulations-1989",
  "path": "regulation/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Applicable rate of official rate of interest",
  "text": "(1) For the purpose of section 160 of the Income and Corporation Taxes Act 1988 the rate applicable under section 178 shall, subject to paragraph (2), be 15.5 per cent. per annum.\n(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).\n(3) The formula specified in this paragraph is–\nRR + 1.5,\nwhere RR is the reference rate referred to in paragraph (2).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 5 in force at 18.8.1989, see reg. 1"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "1988 c. 1; section 160 was amended by section 179(1) of the Finance Act 1989."
    }
  ],
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  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/1297/regulation/5",
    "retrieved_at": "2026-10-29T15:40:01.421949+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}