178 Setting of rates of interest.U.K.
(1)The rate of interest applicable for the purposes of an enactment to which this section applies shall be the rate which for the purposes of that enactment is provided for by regulations made by the Treasury under this section.
(2)This section applies to—
[(aa)section 15A of the Stamp Act 1891;]
(a)section 8(9) of the Finance Act 1894,
(b)section 18 of the Finance Act 1896,
(c)section 61(5) of the Finance (1909-10) Act 1910,
(d)section 17(3) of the Law of Property Act 1925,
(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(f)[sections ... 86, 86A, 87, 87A, [88], 103A] of the Taxes Management Act 1970,
(g)paragraph 3 of Schedule 16A to the Finance Act 1973,
[(ga)section 48(1) of the Finance Act 1975,]
[(gg)[paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992],]
[(gh) section 71(8A) of the Social Security Administration Act 1992, and section 69(8A) of the Social Security Administration (Northern Ireland) Act 1992, as they have effect in any case where the overpayment was made in respect of working families’ tax credit or disabled person’s tax credit; ]
(h)paragraphs 15 and 16 of Schedule 2, and paragraph 8 of Schedule 5, to the Oil Taxation Act 1975,
[(i)section 283 of the Taxation of Chargeable Gains Act 1992;]
(j)paragraph 59 of Schedule 8 to the Development Land Tax Act 1976,
(k)sections 233 [, 235(1)] and 236(3) and (4) of the Inheritance Tax Act 1984,
(l)section 92 of the Finance Act 1986, and
(m)sections . . . ... 824, 825 and 826 of, [and paragraph 6B of Schedule 3 to] and paragraph 3 of Schedule 19A to, the Taxes Act 1988. [and]
(n). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [and
(o)section 14(4) of the Ports Act 1991.]
[(p)paragraph 8 of Schedule 4 to the Tax Credits Act 1999., ...]
[[(q)]section 110 of the Finance Act 1999.]
[(q)paragraph 8 of Schedule 1 to the Employment Act 2002.]
[(r)paragraph 8 of Schedule I to the Employment (Northern Ireland) Order 2002.][, and
(s)Chapter 7 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003.]
[(t)sections 87, 88 and 89 of the Finance Act 2003], ...
(u). . . . . . . . . . . . . . . . . . . . . . . . . . . . [...
(v)section 79 of FA 2015],
[(w)sections 67 and 68 of the Finance Act 2020.]
[(x)paragraphs 33 and 51 of Schedule 14 to the Finance Act 2023.]
[(y)paragraphs 33 and 51 of Schedule 14 to the Finance (No.2) Act 2023, as applied in relation to domestic top-up tax by paragraph 4 of Schedule 18 to that Act.]
(3)Regulations under this section may—
(a)make different provision for different enactments or for different purposes of the same enactment,
(b)either themselves specify a rate of interest for the purposes of an enactment or make provision for any such rate to be determined by reference to such rate or the average of such rates as may be referred to in the regulations,
(c)provide for rates to be reduced below, or increased above, what they otherwise would be by specified amounts or by reference to specified formulae,
(d)provide for rates arrived at by reference to averages to be rounded up or down,
(e)provide for circumstances in which alteration of a rate of interest is or is not to take place, and
(f)provide that [rates or] alterations of rates are to have effect for periods beginning on or after a day determined in accordance with the regulations in relation to interest running from before that day as well as from or from after that day.
(4)The power to make regulations under this section shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
Modifications etc. (not altering text)
Marginal Citations