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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Estate Duty (Northern Ireland) (Interest on Unpaid Duty) Order 1988 No. 1277 URL: http://www.bailii.org/uk/legis/num_reg/1988/uksi_19881277_en.html |
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Statutory Instruments
NORTHERN IRELAND
Made
25th July 1988
Laid before Parliament
26th July 1988
Coming into force
6th August 1988
1. This Order may be cited as the Estate Duty (Northern Ireland) (Interest on Unpaid Duty) Order 1988 and shall come into force on 6th August 1988.
2. The rate of interest payable under the following enactments, namely-
(a)section 18 of the Finance Act 1896(3); and
(b)section 61(5) of the Finance (1909-10) Act 1910(4),
shall, as regards interest accruing on or after 6th August 1988, be 8 per cent. per annum.
3. Section 8(9) of the Finance Act 1894(5) shall, as regards interest accruing on or after 6th August 1988, have effect with the substitution of the word "eight" for the word "six".
Mark Lennox-Boyd
David Lightbown
Two of the Lords Commissioners of Her Majesty's Treasury
25th July 1988
(This note is not part of the Order)
Estate Duty is chargeable in relation to deaths before 13th March 1975; it was replaced for deaths on or after that date by capital transfer tax, now known as inheritance tax. Article 2 of this Order provides that interest on unpaid estate duty will run at 8 per cent. (instead of at the previous rate of 6 per cent. as imposed by S.I. 1987/893) under the various provisions which impose a fixed rate of interest. By Article 3 the limit on the discretionary rate of interest which may be charged where payment of estate duty is postponed on grounds of hardship is correspondingly altered by substituting 8 per cent. for 6 per cent. The effect of this Order in conjunction with section 48(1) of the Finance Act 1975 (c. 7) is that from 6th August 1988 interest will also run at 8 per cent. when overpaid estate duty is repaid.
1970 c. 21 (N.I.).
The Northern Ireland (Modification of Enactments - No. 1) Order 1973 (S.I. 1973/2163), Article 5(3) and Schedule 3, transferred this function from the Ministry of Finance to the Treasury. Article 9 of the same Order provides that the powers conferred by s.1(2) of the 1970 Act shall be exercisable by statutory instrument.
1910 c. 8; section 61(5) was amended by section 9 of the Finance Act 1912 (c. 8).
