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 £5, 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 Stamp Duty Reserve Tax (Interest on Tax Repaid) Order 1989 No. 1003 URL: http://www.bailii.org/uk/legis/num_reg/1989/uksi_19891003_en.html |
||
[New search] [Help]
Statutory Instruments
TAXES
Made
12th June 1989
Laid before the House of Commons
15th June 1989
Coming into force
6th July 1989
The Treasury, in exercise of the powers conferred on them by section 92(4) of the Finance Act 1986(1), hereby make the following Order:
1. This Order may be cited as the Stamp Duty Reserve Tax (Interest on Tax Repaid) Order 1989 and shall come into force on 6th July 1989.
2. The rate specified, which for the purposes of section 92 of the Finance Act 1986(2) is the appropriate rate, is 12.25 per cent. per annum.
David Lightbown
Kenneth Carlisle
Two of the Lords Commissioners of Her Majesty's Treasury
12th June 1989
(This note is not part of the Order)
Section 92 of the Finance Act 1986 provides that, if certain conditions have been fulfilled and a claim for repayment is made within the stipulated period, stamp duty reserve tax shall be repaid. Where the tax paid is not less than £25, it shall be repaid with interest at the appropriate rate. The section defines the "appropriate rate" as 11 per cent. per annum or such other rate as the Treasury may from time to time specify by order.
This order specifies that on and after 6th July 1989 the appropriate rate shall be 12.25 per cent. per annum. Prior to that date the rate was 9 per cent. on and after 6th April 1987 (S.I. 1987/514), 8.25 per cent. on and after 6th June 1987 (S.I. 1987/888), 9 per cent. on and after 6th September 1987 (S.I. 1987/1494), 8.25 per cent. on and after 6th December 1987 (S.I. 1987/1990), 7.75 per cent. on and after 6th May 1988 (S.I. 1988/758), 9.75 per cent. on and after 6th August 1988 (S.I. 1988/1281), 10.75 per cent. on and after 6th October 1988 (S.I. 1988/1624) and 11.5 per cent. on and after 6th January 1989 (S.I. 1988/2187).
Section 92(4A) was added by paragraph 7 of Schedule 7 to the Finance Act 1987 (c. 16).
