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The Value Added Tax Act 1994 (Interest on Tax) (Prescribed Rate) Order 1994

S.I. 1994/2542 · Made 28 September 1994

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.

VALUE ADDED TAX

Made 28th September 1994

Laid before the House of Commons 30th September 1994

Coming into force 6th October 1994

The Treasury, in exercise of the power conferred on them by section 74(6) of the Value Added Tax Act 1994f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

c.23.

Contents

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

1

This Order may be cited as the Value Added Tax Act 1994 (Interest on Tax) (Prescribed Rate) Order 1994 and shall come into force on 6th October1994.

2

For the purposes of subsections (1), (2) and (4) of section 74 of the Value Added Tax Act 1994 the prescribed rate shall be 6.25 per cent.

Signature

Derek Conway

Tim Wood

Two of the Lords Commissioners

28th September 1994of Her Majesty’s Treasury

Explanatory note

(This note is not part of the Order)

This Order increases the prescribed rate of interest for the purposes of section 74 of the Value Added Tax Act 1994 (interest on VAT recovered or recoverable by assessment) from 5.50 per cent. to 6.25 per cent. with effect from 6th October 1994.