- Latest available (Revised)
- Point in Time (01/01/1992)
- Original (As enacted)
Taxes Management Act 1970
You are here:
- UK Public General Acts
- 1970 c. 9
- PART IX
- Section 89
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes over time for: Section 89
Version Superseded: 05/04/1994
Alternative versions:
- 01/02/1991- Amendment
- 01/01/1992
Point in time - 05/04/1994- Amendment
Status:
Point in time view as at 01/01/1992. This version of this provision has been superseded.
Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
Taxes Management Act 1970, Section 89 is up to date with all changes known to be in force on or before 05 February 2025. 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.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
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).
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Part
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.