OpenLegislation

The Value Added Tax Act 1994 (Interest on Tax)(Prescribed Rate) Order 1996

S.I. 1996/165 · Made 31 January 1996

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 31st January 1996

Laid before the House of Commons 31st January 1996

Coming into force 6th February 1996

The Treasury, in exercise of the powers conferred on them by section 74(6) of the Value Added Tax Act 1994f1 and of all other powers enabling them in that behalf, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1994 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 1996 and shall come into force on 6th February 1996.

2

For the purposes of section 74 of the Value Added Tax Act 1994 the prescribed rate shall be 6.25 per cent. per annum.

Signature

Simon Burns

Derek Conway

Two of the Lords Commissioners of Her Majesty’s Treasury

31st January 1996

Explanatory note

(This note is not part of the Order)

This Order lowers from 7 per cent. per annum to 6.25 per cent. per annum 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).