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Taxes Management Act 1970
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- 1970 c. 9
- PART IX
- Section 89
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Changes over time for: Section 89
Version Superseded: 05/04/1994
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- 01/02/1991- Amendment
- 01/09/1991
Point in time - 05/04/1994- Amendment
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Taxes Management Act 1970, Section 89 is up to date with all changes known to be in force on or before 09 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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89 The prescribed rate of interest. [1952 s.495(1); 1960 s.58(1); 1967 s.40(1)(3)(6); S.I. 1969/535.]U.K.
[(1)For the purposes of any provision of this Part of this Act and of section [826 of the principal Act F1] “the prescribed rate” means such rate as may for the time being be prescribed for the purposes of the provision in question by order made by the Treasury F2.]
M1(2)[The power to make an order under this section shall be exercisable by F2] statutory instrument subject to annulment in pursuance of a resolution of the Commons House of Parliament, [and any such order may be framed either so as to prescribe a single rate F2] for the purposes of all the provisions of this Part of this Act, or so as to prescribe different rates for different purposes F3.
(3)[Any rate of interest prescribed by order under this section F4] shall apply to interest for periods beginning on or after the date when the order is expressed to come into force, whether or not interest runs from before that date. F5F6
Textual Amendments
F1Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 32.
F2Finance (No. 2) Act 1987 s. 89(1):Previously
“(1) In this Part of this Act “the prescribed rate” means—(a) for the purposes of sections 86(a) and 87 above, the rate specified in column 2 of the Table below,(b) for the purposes of section 88 above, the rate specified in column 3 of the Table below. The references in column 1 of this Table to any period before or after a specified date apply whether or not interest continues to run after that period, or, as the case may be, runs from before that period.”, “The Treasury may, by order in a”
and
“from time to time increase or decrease any rate or rates of interest prescribed by subsection (1) above, either”
respectively.
For orders see Part III Vol. 5under
“Interest on unpaid tax” and “Interest on unpaid tax and repayment supplement”.
(a)
Amendments in relation to development land tax added by Development Land Tax Act 1976 Sch. 8 para. 23. 1976 Act repealed by Finance Act 1985 s. 98(6)and Sch. 27 Part X.
F3 SeeOil Taxation Act 1975 s.1andSch.2 paras.1(1)and15—Oil Taxation Acts—regarding modifications in relation to petroleum revenue tax and supplementary petroleum duty.
F4Finance (No. 2) Act 1987 s. 89(3).Previously
“Any variation of the rate of interest prescribed under subsection (2) above”
F5 See Finance Act 1988 Sch. 5 para. 3(4)—payments on account of tax by underwriters.
F6 Repealed by Finance Act 1989 ss. 178(7)and Sch. 17 Part Xfrom a day to be appointed.
Marginal Citations
M11967
40(2).
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