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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No. 2) Order 1993 No. 3168 URL: http://www.bailii.org/uk/legis/num_reg/1993/uksi_19933168_en.html |
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Statutory Instruments
VALUE ADDED TAX
Made
16th December 1993
Laid before the House of Commons
17th December 1993
Coming into force
6th January 1994
The Treasury, in exercise of the power conferred on them by section 18(8) of the Finance Act 1985(1), hereby make the following Order:
1. This Order may be cited as the Finance Act 1985 (Interest on Tax) (Prescribed Rate) (No.2) Order 1993 and shall come into force on 6th January 1994.
2. For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 5.50 per cent.
Tim Wood
Andrew Mackay
Two of the Lords Commissioners of Her Majesty's Treasury
16th December 1993
(This note is not part of the Order)
This Order reduces the prescribed rate of interest for the purposes of section 18 of the Finance Act 1985 (interest on tax etc.recovered or recoverable by assessment) from 6.25 per cent.to 5.50 per cent. with effect from 6th January 1994.
1985 c. 54; section 18 was amended by the Finance Act 1988 (c. 39), sections 14 and 18 and Schedule 14, Part III, the Finance Act 1990 (c. 29), section 16 and Schedule 19, Part III, the Finance (No.2) Act 1992 (c. 48), section 14 and Schedule 3, paragraph 83 and the Finance Act 1993 (c. 34), section 49 and Schedule 2, paragraph 4.