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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Taxes (Interest Rate) (Amendment No. 5) Regulations 1991 No. 2070 URL: http://www.bailii.org/uk/legis/num_reg/1991/uksi_19912070_en.html |
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Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
12th September 1991
Laid before the House of Commons
13th September 1991
Coming into force
6th October 1991
The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989(1), hereby make the following Regulations:
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 5) Regulations 1991 and shall come into force on 6th October 1991.
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989(2)-
(a)for "6th August 1991" there shall be substituted "6th October 1991";
(b)for "11.75 per cent. per annum" there shall be substituted "11.25 per cent. per annum".
Sydney Chapman
Irvine Patnick
Two of the Lords Commissioners of Her Majesty's Treasury
12th September 1991
(This note is not part of the Regulations)
These Regulations amend with effect from 6th October 1991 the provision of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297), as amended by the Taxes (Interest Rate) (Amendment) Regulations 1991 (S.I. 1991/889) and other later Regulations (S. I. 1991/1120, 1377 and 1695), which specifies the official rate of interest for the purposes of section 160 of the Income and Corporation Taxes Act 1988 (taxation of beneficial loans made to employees). The official rate of interest also determines the "appropriate percentage" for the purposes of the additional charge to tax in respect of certain living accommodation provided for employees under section 146 of the 1988 Act. The amendments substitute a new official rate of interest (11.25 per cent. per annum) for the rate of 11.75 per cent. per annum specified by S.I. 1991/1695.
