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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Finance Act 1989, section 178(1), (Appointed Day) Order 1997 No. 2708 (C. 102) URL: http://www.bailii.org/uk/legis/num_reg/1997/uksi_19972708_en.html |
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Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
17th November 1997
The Treasury, in exercise of the powers conferred on them by section 178(7) of the Finance Act 1989(1), hereby make the following Order:
1. This Order may be cited as the Finance Act 1989, section 178(1), (Appointed Day) Order 1997.
2. The day appointed for section 118F of the Income and Corporation Taxes Act 1988(2) for periods beginning on or after which section 178(1) of the Finance Act 1989 shall have effect is 9th December 1997.
Bob Ainsworth
Jon Owen Jones
Two of the Lords Commissioners of Her Majesty's Treasury
17th November 1997
(This note is not part of the Order)
This Order appoints 9th December 1997 as the day for periods beginning on or after which section 178(1) of the Finance Act 1989 ("section 178") is to have effect for the purposes of section 118F of the Income and Corporation Taxes Act 1988 ("section 118F" and "the Taxes Act" respectively).
Subsection (1) of section 178 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. At the same time as making this Order the Treasury have also made the Taxes (Interest Rate) (Amendment No. 2) Regulations 1997 (S.I. 1997/2707) under that section. Those Regulations apply to section 118F, and also come into force on 9th December 1997.
Subsection (1) of section 118F makes provision as regards the day on which income tax in respect of United Kingdom public revenue dividends for which the Bank of England, the Bank of Ireland, the National Debt Commissioners or any public office or department of the Crown are liable to account pursuant to section 118E(1) or (2) of the Taxes Act becomes due and payable. Subsection (2) of section 118F makes provision as regards the day on which any other income tax for which a paying agent is liable to account under section 118E(1) of the Taxes Act, and any income tax for which a collecting agent is liable to account under section 118E(3) of the Taxes Act, becomes due and payable. Subsection (3) of section 118F provides that any tax due under subsection (1) or (2) of that section shall carry interest, at the rate applicable under section 178, from the date on which it becomes due until it is paid.
1989 c. 26; section 178 was amended by 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), paragraph 5 of Schedule 11 to the Finance (No. 2) Act 1992 (c. 48), paragraph 44 of Schedule 19 to the Finance Act 1994 (c. 9), and by paragraph 30 of Schedule 7, paragraph 13 of Schedule 18, paragraph 8 of Schedule 29 and Part V(2) and (8) of Schedule 41, to the Finance Act 1996 (c. 8).
1988 c. 1; sections 118A to 118K were inserted by paragraph 1 of Schedule 29 to the Finance Act 1996.
