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 Taxes (Interest Rate) (Amendment No.5) Regulations 1992 No. 2818 URL: http://www.bailii.org/uk/legis/num_reg/1992/uksi_19922818_en.html |
||
[New search] [Help]
Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
11th November 1992
Laid before the House of Commons
12th November 1992
Coming into force
6th December 1992
The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989(1), hereby makes the following Regulations:
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment No.5) Regulations 1992 and shall come into force on 6th December 1992.
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989(2)-
(a)for "6th November 1992" there shall be subsituted "6th December 1992";
(b)for "9.75 per cent. per annum" there shall ve subsituted "9 per cnt. per annum".
Nicholas Baker
Gregory Knight
Two of the Lords Commissioners of Her Majesty's Treasury
11th November 1992
(This note is not part of the Regulations)
These Regulations amend with effect from 6th December 1992 regulation 5 of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297), as amended by 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 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 (9 per cent. annum) in subsitution for the rate of 9.75 per cent. per annum specified by S.I. 1992/2451. Previous rates were specified by S.I. 1989/1297, S.I. 1991/889, 1120, 1377, 1695, 2070, and S.I. 1992/265 and 1338.
