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The Value Added Tax Act 1983 (Interest on Overpayments etc) (Prescribed Rate) Order 1991

S.I. 1991/1754 · Made 26 July 1991

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VALUE ADDED TAX

Made 26th July 1991

before the House of Commons 26th July 1991

Coming into force 27th July 1991

The Treasury, in exercise of the powers conferred on them by section 38A(3) of the Value Added Tax Act 1983f1 hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1983 c. 55; section 38A was inserted by section 17 of the Finance Act 1991 (c. 31).

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Value Added Tax Act 1983 (Interest on Overpayments etc) (Prescribed Rate) Order 1991 and shall come into force on 27th July 1991.

2

For the purposes of section 38A of the Value Added Tax Act 1983 interest shall be payable at the rates specified in the following Table–

TABLE

Interest for any periodRate
before 1st March 19748 per cent.
after 28th February 1974 and before 1st February 19779 per cent.
after 31st January 1977 and before 1st March 197910 per cent.
after 28th February 1979 and before 1st January 198012.50 per cent.
after 31st December 1979 and before 1st January 198115 per cent.
after 31st December 1980 and before 1st December 198112.50 per cent.
after 30th November 1981 and before 1st March 198215 per cent.
after 28th February 1982 and before 1st July 198214 per cent.
30th June 1982 and before 1st April 198313 per cent.
after 31st March 1983 and before 1st April 198412.50 per cent.
after 31st March 1984 and before 1st August 198612 per cent.
after 31st July 1986 and before 1st January 198711.50 per cent.
after 31st December 1986 and before 1st April 198712.25 per cent.
after 31st March 1987 and before 1st November 198711.75 per cent.
after 31st October 1987 and before 1st December 198711.25 per cent.
after 30th November 1987 and before 1st May 198811 per cent.
after 30th April 1988 and before 1st August 19889.50 per cent.
after 31st July 1988 and before 1st November 198811 per cent.
after 31st October 1988 and before 1st January 198912.25 per cent.
after 31st December 1988 and before 1st November 198913 per cent.
after 31st October 1989 and before 1st April 199114.25 per cent.
after 31st March 1991 and before 27th July 199112 per cent.
after 27th July 199112 per cent.

Signature

Irvine Patrick

Nicholas Baker

Two of the Lords Commissioners of Her Majesty’s Treasury

26th July 1991

Explanatory note

(This note is not part of the Order)

This Order, which comes into force on 27th July 1991, prescribes the rate of interest for the purposes of section 38A of the Value Added Tax Act 1983 (interest in certain cases of official error). The Order also prescribes, for cases where interest runs from before the date on which it comes into force, rates for periods ending before that date.