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The Value Added Tax Act 1994 (Interest on Tax) (Prescribed Rate) Order 1995

S.I. 1995/521 · Made 1 March 1995

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VALUE ADDED TAX

Made 1st March 1995

Laid before the House of Commons 2nd March 1995

Coming into force 6th March 1995

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

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 1995 and shall come into force on 6th March 1995.

2

For the purposes of section 74 of the Value Added Tax Act 1994 the prescribed rate shall be 7 per cent.

Signature

Timothy Kirkhope

Andrew Mitchell

Two of the Lords Commissioners of Her Majesty’s Treasury

1st March 1995

Explanatory note

(This note is not part of the order)

This Order raises from 6.25 per cent. to 7 per cent. the prescribed rate of interest for the purposes of section 74 of the Value Added Tax Act 1983 (interest on VAT recovered or recoverable by assessment with effect from 6th March 1995).