Statutory Instrument 1988 No. 1278

The Income Tax (Interest on Unpaid Tax and Repayment Supplement) (No. 2) Order 1988

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1988 No. 1278

INCOME TAX

The Income Tax (Interest on Unpaid Tax and Repayment Supplement) (No. 2) Order 1988

Made	25th July 1988

Laid before the House of Commons

26th July 1988

Coming into force

6th August 1988

The Treasury, in exercise of the powers conferred on them by section 40(2) of the Finance Act 1967^[1], by section 89(2) of the Taxes Management Act 1970^[2]and by sections 824(6) and 825(5) of the Income and Corporation Taxes Act 1988^[3], hereby make the following Order:

    1.    This Order may be cited as the Income Tax (Interest on Unpaid Tax and Repayment Supplement) (No. 2) Order 1988 and shall come into force on 6th August 1988.

    2.    The prescribed rate of interest for the purposes of each of the provisions set out in the Table below shall be 9.75 per cent. per annum.

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Notes:

[1] 1967 c. 54.

[2] 1970 c. 9; section 89 was modified by section 1 of, and paragraph 1 of Schedule 1 to, the Oil Taxation Act 1975 (c. 22), extended by section 2(3) of the Petroleum Revenue Tax 1980 (c. 1) and modified by section 12 of, and paragraphs 9(1) and 14(2) of Schedule 4 to, the Oil Taxation Act 1983 (c. 56) in relation to petroleum revenue tax. The section was applied and amended by section 41(1) of, and paragraph 23 of Schedule 8 to, the Development Land Tax Act 1976 (c. 24) in relation to development land tax. The Development Land Tax Act 1976 was repealed by section 98(6) of, and Part X of Schedule 27 to, the Finance Act 1985 (c. 54) in relation to any disposal of an interest in land on or after 19th March 1985. Section 89 was amended by section 89 of the Finance (No. 2) Act 1987 (c. 51).

[3] 1988 c. 1.

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