- Latest available (Revised)
- Point in Time (01/09/1994)
- Original (As enacted)
Version Superseded: 01/05/1995
Point in time view as at 01/09/1994. This version of this provision has been superseded.
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.
There are currently no known outstanding effects for the Finance Act 1989, Section 178.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)The rate of interest applicable for the purposes of an enactment to whichthis section applies shall be the rate which for the purposes of thatenactment is provided for by regulations made by the Treasury under thissection.
(2)This section applies to—
(a)section 8(9) of the M1Finance Act 1894,
(b)section 18 of the M2Finance Act 1896,
(c)section 61(5) of the M3Finance (1909-10) Act 1910,
(d)section 17(3) of the M4Law of Property Act 1925,
(e)section 73(6) of the M5Land Registration Act 1925,
(f)[F1sections 59C, 86, 86A, 87, 87A, 88, 103A] of the M6TaxesManagement Act 1970,
(g)paragraph 3 of Schedule 16A to the M7Finance Act 1973,
[F2(gg)[F3paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992],]
(h)paragraphs 15 and 16 of Schedule 2, and paragraph 8 of Schedule 5, to the M8Oil Taxation Act 1975,
F4[(i)section 283 of the M9Taxation of Chargeable Gains Act 1992;]
(j)paragraph 59 of Schedule 8 to the M10Development Land TaxAct 1976,
(k)sections 233 and 236(3) and (4) of the M11Inheritance TaxAct 1984,
(l)section 92 of the Finance Act 1986, and
(m)sections 160, 824, 825 and 826 of, [F5and paragraph 6B of Schedule 3 to,] and paragraph 3 of Schedule 19A to, the M12Taxes Act 1988. [F6and]
[F7(n)section 118(7) of the Finance Act 1990.][F8and
(o)section 14(4) of the Ports Act 1991.]
(3)Regulations under this section may—
(a)make different provision for different enactments or for differentpurposes of the same enactment,
(b)either themselves specify a rate of interest for the purposes of anenactment or make provision for any such rate to be determined by referenceto such rate or the average of such rates as may be referred to in theregulations,
(c)provide for rates to be reduced below, or increased above, what theyotherwise 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 ordown,
(e)provide for circumstances in which alteration of a rate of interest is oris not to take place, and
(f)provide that alterations of rates are to have effect for periods beginningon or after a day determined in accordance with the regulations in relationto interest running from before that day as well as from or from after thatday.
(4)The power to make regulations under this section shall be exercisable bystatutory instrument which shall be subject to annulment in pursuance of aresolution of the House of Commons.
(5)Where—
(a)the rate provided for by regulations under this section as the rateapplicable for the purposes of any enactment is changed, and
(b)the new rate is not specified in the regulations,
the Board shall by order specify the new rate and the day from which ithas effect.
(6)In section 828(2) of the Taxes Act 1988 (powers to make orders which arenot exercisable by statutory instrument) the words “or section 178(5)of the Finance Act 1989” shall be added at the end.
(7)Subsection (1) shall have effect for periods beginning on or after suchday as the Treasury may by order made by statutory instrument appoint andshall have effect in relation to interest running from before that day as wellas from or from after that day; and different days may be appointed fordifferent enactments.
Textual Amendments
F1Words in s. 178(2)(f) substituted (1.9.1994 with effect as mentioned in s. 199 of the amending Act) by 1994 c. 9, s. 196, Sch. 19 Pt. III para. 44
F2S. 178(2)(gg) inserted (6.4.1992) (E.W.S.) by Social Security Act 1990 (c. 27, SIF 113:1) s. 17(10); S.I. 1992/632, art. 2
F3Words in s. 178(2)(gg) substituted (1.7.1992) by Social Security (Consequential Provisions) Act 1992 (c. 6), ss. 4, 7(2), Sch. 2 para. 107
F4s. 178(2)(i) substituted (in relation to tax for the year 1992-1993 and subsequent years subject as mentioned in s. 289 of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 19(4) (with ss. 60, 101(1), 171, 201(3))
F5Words in s. 178(2)(m) inserted (16.7.1992 with effect in relation to transactions effected on or after 1.10.1992) by Finance (No. 2) Act 1992 (c. 48), s. 63, Sch. 11 paras. 5, 6
F6 “and” inserted by Finance Act 1990 (c. 29, SIF 58), s.118(8)
F7S. 178(2)(n) inserted by Finance Act 1990 (c. 29, SIF 58),s. 118(8)
F8S. 178(2)(o) and word immediately proceeding it inserted (G.B.) by Ports Act 1991 (c. 52, SIF 58), s. 14(5).
Modifications etc. (not altering text)
C1S. 178 applied by Ports Act 1991 (c. 52, SIF 58), s. 14(4).
S. 178 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para. 11(4)
S. 178 applied (1.9.1994 with effect as mentioned in s. 199 of 1994 c. 9) by 1970 c. 9, s. 59C (as inserted by 1994 c. 9, s. 194)
C2 For regulations see S.I. 1989/1297 (inPart III Vol. 5).And see Tables Iand O Vol. 1
C3Power of appointment conferred by s. 178(7) partly exercised: 18.8.1989 appointed by S.I. 1989/1298 for all the enactments specified in s. 178(2) other than s. 87A of the 1970 Act and s. 826 of the 1988 Act
Marginal Citations
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: