Statutory Instrument 1992 No. 265
The Taxes (Interest Rate) (Amendment) Regulations 1992
(The document as of February, 2008)
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STATUTORY INSTRUMENTS
1992 No. 265
INCOME TAX
INHERITANCE TAX
TAXES
The Taxes (Interest Rate) (Amendment) Regulations 1992
| Laid before the House of Commons | 14th February 1992 |
| Coming into force | 6th March 1992 |
The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989[1], hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment) Regulations 1992 and shall come into force on 6th March 1992.
Amendments to the Taxes (Interest Rate) Regulations 1989
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989 [2]— (a) for "6th October 1991" there shall be substituted "6th March 1992";
(b) for "11.25 per cent. per annum" there shall be substituted "10.75 per cent. per annum".
Gregory Knight
Irvine Patnick
Two of the Lords Commissioners of Her Majesty's Treasury
13th February 1992
EXPLANATORY NOTE
(This note is not part of the Regulations)These Regulations amend with effect from 6th March 1992 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, 1695 and 2070), 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 (10.75 per cent. per annum) for the rate of 11.25 per cent. per annum specified by S.I. 1991/2070.
ISBN 0 11 0232658
Notes:[1] 1989 c. 26
[2] S.I. 1989/1297, amended by S>I> 1991/889, 1120, 1377, 1695 and 2070
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