BAILII is celebrating 24 years of free online access to the law! Would you consider making a contribution?
No donation is too small. If every visitor before 31 December gives just £1, it will have a significant impact on BAILII's ability to continue providing free access to the law.
Thank you very much for your support!
 |
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback] | |
United Kingdom Statutory Instruments |
||
|
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Taxes (Interest Rate) (Amendment) Regulations 2015 No. 411 URL: http://www.bailii.org/uk/legis/num_reg/2015/uksi_2015411_en_1.html |
||
[New search] [Printable PDF version] [Help]
Statutory Instruments
Income Tax
Made
27th February 2015
Laid before the House of Commons
2nd March 2015
Coming into force
6th April 2015
The Treasury make the following Regulations in exercise of the powers conferred by section 178(1) and (2)(s) of the Finance Act 1989(1).
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment) Regulations 2015 and come into force on 6th April 2015.
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989(2) in paragraph (1) for "on and after 6th April 2014, be 3.25 per cent per annum" substitute "on and after 6th April 2015, be 3.00 per cent per annum".
Mark Lancaster
David Evennett
Two of the Lords Commissioners of Her Majesty's Treasury
27th February 2015
(This note is not part of the Regulations)
These Regulations amend regulation 5 of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) ("the 1989 Regulations").
Chapter 7 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) ("ITEPA") provides that tax is chargeable on an employment-related loan to the extent that the interest rate it carries is lower than the official rate. Section 181 of ITEPA in effect defines that official rate as the rate prescribed in regulation 5 of the 1989 Regulations.
Regulation 2 of these Regulations reduces the generally applicable official rate of interest from 3.25 per cent per annum to 3 per cent per annum with effect from 6th April 2015. It does not affect the rates which apply in relation to Japan and Switzerland, which are prescribed in regulation 5(2) of the 1989 Regulations.
A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.
1989 c. 26; paragraph (s) of section 178(2) was inserted by paragraph 162(d) of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 (c. 1).
S.I. 1989/1297 amended by S.I. 1994/1307, 1994/1567, 2009/199 and 2014/496.
