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Statutory Instrument 1992 No. 3167

The Taxes (Interest Rate) (Amendment No. 6) Regulations 1992

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1992 No. 3167

INCOME TAX

INHERITANCE TAX

TAXES

The Taxes (Interest Rate) (Amendment No. 6) Regulations 1992

Made11th December 1992
Laid before the House of Commons14th December 1992
Coming into force6th January 1993

    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 No. 6) Regulations 1992 and shall come into force on 6th January 1993.
    Amendments to the Taxes (Interest Rate) Regulations 1989
        2.    In regulation 5 of the Taxes (Interest Rate) Regulations 1989[2]—
       (a) for "6th December 1992" there shall be substituted "6th January 1993";
       (b) for "9 per cent. per annum" there shall be substituted "8·25 per cent. per annum".



Irvine Patnick

Tim Wood

Two of the Lords Commissioners of Her Majesty's Treasury

11th December 1992





EXPLANATORY NOTE

(This note is not part of the Regulations)
    These Regulations amend with effect from 6th January 1993 regulation 5 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), 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 amendment made by these Regulations specifies a new official rate of interest (8\25 per cent. per annum) in substitution for the rate of 9 per cent. per annum specified byS.I. 1992/2818. Previous rates were specified by S.I. 1989/1297, S.I. 1991/889, 1120, 1377, 1695, 2070, and S.I. 1992/265, 1338 and 2451.


ISBN 0 11 025223 3



Notes:

[1] 1989 c. 26.

[2] S.I. 1989/1297; relevant amending instruments are S.I. 1991/889, 1120, 1377, 1695 and 2070, and S.I. 1992/265, 1338, 2451, and 2818.

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