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The Taxes (Interest Rate) (Amendment No. 3) Regulations 1999

S.I. 1999/2538 · Made 9 September 1999

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

INHERITANCE TAX

TAXES

Made 9th September 1999

Laid before the House of Commons 9th September 1999

Coming into force 1st October 1999

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

1989 c. 26. Relevant amendments to section 178 were made by sections 109(2) and 110(9) of the Finance Act 1999 (c. 16).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the principal Regulations
  4. 4Amendments to the principal Regulations
  5. 5Amendments to the principal Regulations
  6. Signature
  7. Explanatory note

1Citation and commencement

These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 3) Regulations 1999 and shall come into force on 1st October 1999.

2Interpretation

In these Regulations “the principal Regulations” means the Taxes (Interest Rate) Regulations 1989f1 and “regulation” means a regulation of the principal Regulations.

3Amendments to the principal Regulations

In regulation 3(1)f1—

(a)

the word “and” immediately following sub-paragraph (b) shall be omitted;

(b)

after sub-paragraph (c) there shall be inserted

“and

(d)

section 15A of the Stamp Act 1891f2,”.

4Amendments to the principal Regulations

In regulation 3AA(1) sub-paragraph (e) shall be omitted.

5Amendments to the principal Regulations

In regulation 3AB(1)—

(a)

the word “and” immediately following sub-paragraph (b) shall be omitted;

(b)

after sub-paragraph (c) there shall be inserted—

“(d)

section 92 of the Finance Act 1986f1, and

(e)

section 110 of the Finance Act 1999,”.

Signature

Gordon Brown

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

9th September 1999

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Taxes (Interest Rate) Regulations 1989 (“the principal Regulations”) so as to provide for the rates of interest applicable for the purposes of section 15A of the Stamp Act 1891 (“section 15A”) and section 110 of the Finance Act 1999 (“section 110”). The Regulations also change the rate of interest applicable for the purposes of section 92 of the Finance Act 1986 (“section 92”).

Sections 15, 15A and 15B were substituted for section 15 of the Stamp Act 1891 by section 109(1) of the Finance Act 1999. Section 15A provides that interest is payable on the late stamping of an instrument chargeable with ad valorem stamp duty. Section 110 provides that interest is payable on repayments of, and certain other payments in relation to, stamp duty. Both section 15A and section 110 have effect in relation to instruments executed on or after 1st October 1999.

In relation to section 92, the interest rate applicable to a repayment of stamp duty reserve tax is brought in line from 1st October 1999 with that applicable in relation to repayment supplement for income tax and capital gains tax.

Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.

Regulation 3 amends regulation 3 of the principal Regulations so that it applies for the purposes of section 15A.

Regulation 4 amends regulation 3AA of the principal Regulations so that it no longer applies for the purposes of section 92.

Regulation 5 amends regulation 3AB of the principal Regulations so that it applies for the purposes of section 92 and sections 110.