The Taxes (Interest Rate) (Amendment No. 4) Regulations 1999

• Citation: S.I. 1999/2637
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 4) Regulations 1999 and shall come into force on 14th October 1999.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Taxes (Interest Rate) Regulations 1989 and “regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

In regulation 3AA(1) after the word “shall,” there shall be inserted the words “except where regulation 3AC applies and”.

Section 4 Amendments to the principal Regulations

After regulation 3AB there shall be inserted the following regulation—

(3AC)

(1) For the purposes of section 87 of the Taxes Management Act 1970 in so far as it relates to tax that becomes due and payable on or after 14th October 1999, the rate applicable under section 178 shall, subject to paragraph (2), be 7.5 per cent. per annum.

(2) Where on a reference date after 14th October 1999 the reference rate found on that date differs from the established rate, the rate applicable under section 178 for the purposes mentioned in paragraph (1) shall, on and after the next operative date, be the percentage per annum found by applying the formula specified in paragraph (3).

(3) The formula specified in this paragraph is—

where

RR is the reference rate referred to in paragraph (2).