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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 No. 2) Regulations 1993 No. 758 URL: http://www.bailii.org/uk/legis/num_reg/1993/uksi_1993758_en.html |
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Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
16th March 1993
Laid before the House of Commons
16th March 1993
Coming into force
6th April 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:
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 2) Regulations 1993 and shall come into force on 6th April 1993.
2. In paragraph (1) of regulation 3 of the Taxes (Interest Rate) Regulations 1989(2)-
(a)the word "and" immediately following sub-paragraph (f) shall be omitted;
(b)after sub-paragraph (g) there shall be inserted-
"and
paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992(3),".
Tim Wood
Nicholas Baker
Two of the Lords Commissioners of Her Majesty's Treasury
16th March 1993
(This note is not part of the Regulations)
These Regulations, made under powers contained in section 178 of the Finance Act 1989, make provision for the rate of interest applicable for the purposes of paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992 for periods beginning on or after 6th April 1993.
Subsection (1) of section 178 of the 1989 Act provides that the rate of interest applicable for the purposes of the enactments to which that section applies is to be the rate provided for by regulations made by the Treasury under that section. The Regulations so made are the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) ("the 1989 Regulations"). Regulation 3 of the 1989 Regulations specifies the interest rate applicable under section 178 in relation to various enactments which apply to unpaid income tax, surtax, capital gains tax, corporation tax (including advance corporation tax), petroleum revenue tax and development land tax, and repayments of petroleum revenue tax, overpaid development land tax and stamp duty reserve tax and repayment supplement. It also makes provision for changes in the applicable interest rate and for the formula to be used in calculating the new rate.
These Regulations provide for paragraph 6 of Schedule 1 to the 1992 Act to be added to the enactments to which regulation 3 of the 1989 Regulations applies.
Paragraph 6 of Schedule 1 to the 1992 Act provides for the Secretary of State to make Regulations with the concurrence of the Inland Revenue providing for Class 1, Class 1A or Class 2 contributions to be paid, accounted for and recovered in the same manner as income tax deducted under the PAYE scheme. The paragraph also provides that the Regulations may make provision for the payment of interest on sums due in respect of unpaid Class 1 or Class 1A contributions.
1989 c. 26; section 178 was amended by section 17(10) of the Social Security Act 1990 (c. 27), paragraph 107 of Schedule 2 to the Social Security (Consequential Provisions) Act 1992 (c. 6), paragraph 19(4) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12) and paragraph 5 of Schedule 11 to the Finance (No. 2) Act 1992 (c. 48).
S.I. 1989/1297, to which there are amendments not relevant to these Regulations.