Taxes Management Act 1970

89 The prescribed rate of interest

(1) In this Part of this Act " the prescribed rate" means—

(a) for the purposes of sections 86 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.

TABLE

1	2	3
Interest for any period	For the purposes of section 86 or 87 above	For the purposes of section 88 above
before 19th April 1967	3 per cent.	3 per cent.
after 18th April 1967 and before 19th April 1969	4 per cent.	4 per cent.
after 18th April 1969	6 per cent.	4 per cent.

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.

(2) The Treasury may, by order in a statutory instrument subject to annulment in pursuance of a resolution of the Commons House of Parliament, from time to time increase or decrease any rate or rates of interest prescribed by subsection (1) above, either for the purposes of all the provisions of this Part of this Act, or so as to prescribe different rates for different purposes.

(3) Any variation of the rate of interest prescribed under subsection (2) above 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.