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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Taxes (Interest Rate) (Amendment) Regulations 1991 No. 889 URL: http://www.bailii.org/uk/legis/num_reg/1991/uksi_1991889_en.html |
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Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
4th April 1991
Laid before the House of Commons
5th April 1991
Coming into force
6th April 1991
The Treasury, in exercise of the powers conferred on them by section178 of the Finance Act 1989(1), hereby make the following Regulations:
1. These Regulations may be cited as the Taxes (Interest Rate)(Amendment) Regulations 1991 and shall come into force on 6th April1991.
2. In these Regulations"the Principal Regulations" means the Taxes (Interest Rate) Regulations 1989(2).
3. For regulation 5 of the Principal Regulations there shall besubstituted-
5. For the purpose of section 160 of the Income and Corporation TaxesAct 1988(3) the rate applicable under section 178 shall, on andafter 6th April 1991, be 13.5 per cent. per annum."
4. In regulation 6 of the Principal Regulations for"3(1), 4(1) or 5(1)" there shall be substituted"3(1) or 4(1)".
Norman Lamont
Thomas Sackville
Two of the Lords Commissioners of Her Majesty's Treasury
4th April 1991
(This note is not part of the Regulations)
These Regulations amend with effect from 6th April 1991 theprovisions of the Taxes (Interest Rate) Regulations 1989 (S.I.1989/1297) ("the Principal Regulations") which specify the method of determining the official rate ofinterest for the purposes of section 160 of the Income and CorporationTaxes Act 1988 ("section 160") (taxation of beneficial loans made to employees). The officialrate of interest determined under section 160 also determines the"appropriate percentage" for the purposes of the additional charge to tax in respect ofcertain living accommodation provided for employees under section 146 ofthe 1988 Act. The amendments disapply the formula for determining thelevel of the official rate of interest and specify the official rate forthe purposes of section 160.
Regulation 1 provides for citation and commencement.
Regulation 2 defines the Principal Regulations.
Regulation 3 substitutes a new regulation 5 of the PrincipalRegulations which specifies the official rate of interest for thepurposes of section 160 with effect from 6th April 1991.
Regulation 4 makes a consequential amendment to regulation 6 of thePrincipal Regulations.
