The Taxes (Interest Rate) (Amendment No. 1) Regulations 2001

• Citation: S.I. 2001/204
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 1) Regulations 2001 and shall come into force on 6th March 2001.

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 3(1)(a) for the words “sections 86 and 88” substitute “section 86 (except where regulation 3AA(1)(aa) applies) and section 88”.

Section 4 Amendments to the principal Regulations

In regulation 3AA(1)—

(a) after paragraph (a) insert the following paragraph—

(aa) section 86 of the Taxes Management Act 1970 as it has effect in relation to accounting periods of companies ending before 1st October 1993 (interest on unpaid assessed corporation tax),

(b) for the words “be 6.25 per cent. per annum” substitute—

be—

where paragraph (aa) above applies, 6.5 per cent. per annum;

in all other cases, 6.25 per cent. per annum.