The Taxes (Interest Rate) (Amendment No. 2) Regulations 1992
S.I. 1992/1338 · Made 5 June 1992
INCOME TAX
INHERITANCE TAX
TAXES
Made 5th June 1992
Laid before the House of Commons 5th June 1992
Coming into force 6th June 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
Contents
- 1Citation and commencement
- 2Amendments to the Taxes (Interest Rate) Regulations 1989
- Signature
- Explanatory note
1Citation and commencement
These Regulations may be cited as the Taxes (Interest Rate) (Amendment No.2) Regulations 1992 and shall come into force on 6th June 1992.
2Amendments to the Taxes (Interest Rate) Regulations 1989
In regulation 5 of the Taxes (Interest Rate) Regulations 1989f1—
for “6th March 1992” there shall be substituted
“6th June 1992;”
for “10.75 per cent. per annum” there shall be substituted
“10.50 per cent. per annum.”
Signature
Irvine Patnick
Tim Wood
Two of the Lords Commissioners of Her Majesty’s Treasury
5th June 1992
Explanatory note
(This note is not part of the Regulations)
These Regulations amend with effect from 6th June 1992 regulation 5 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), 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.