Search Legislation

Finance Act 1989

 Help about what version

What Version

 Help about advanced features

Advanced Features

Status:

Point in time view as at 06/04/2010. This version of this provision has been superseded. Help about Status

Close

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:

There are currently no known outstanding effects for the Finance Act 1989, Section 178. Help about Changes to Legislation

Close

Changes to Legislation

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.

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—

[F1(aa)section 15A of the Stamp Act 1891;]

(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,

F2(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f)[F3sections 59C, 86, 86A, 87, 87A, [F488], 103A] of the M5Taxes Management Act 1970,

(g)paragraph 3 of Schedule 16A to the M6Finance Act 1973,

[F5(ga)section 48(1) of the Finance Act 1975,]

[F6(gg)[F7paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992],]

[F8(gh) section 71(8A) of the M7 Social Security Administration Act 1992, and section 69(8A) of the M8 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 M9Oil Taxation Act 1975,

[F9(i)section 283 of the M10Taxation of Chargeable Gains Act 1992;]

(j)paragraph 59 of Schedule 8 to the M11Development Land Tax Act 1976,

(k)sections 233[F10, 235(1)] and 236(3) and (4) of the M12Inheritance Tax Act 1984,

(l)section 92 of the Finance Act 1986, and

(m)sections F11. . . F12... 824, 825 and 826 of, [F13and paragraph 6B of Schedule 3 to] and paragraph 3 of Schedule 19A to, the M13Taxes Act 1988. [F14and]

F15(n). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F16and

[(o)section 14(4) of the Ports Act 1991.]

[F17(p)paragraph 8 of Schedule 4 to the Tax Credits Act 1999., F18...]

[F19[F20(q)]section 110 of the Finance Act 1999.]

[F21(q)paragraph 8 of Schedule 1 to the Employment Act 2002.]

[F22(r)paragraph 8 of Schedule I to the Employment (Northern Ireland) Order 2002.][F23, and

(s)Chapter 7 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003.]

[F24(t)sections 87, 88 and 89 of the Finance Act 2003.]

(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 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.

F25(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F26(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)Subsection (1) shall have effect for periods beginning on or after such day as the Treasury may by order made by statutory instrument appoint and shall have effect in relation to interest running from before that day as well as from or from after that day; and different days may be appointed for different enactments.

Textual Amendments

F1S. 178(2)(aa) inserted (27.7.1999 with application to instruments executed on or after 1.10.1999) by 1999 c. 16, ss. 109(2)(4), 123(4)

F3Words 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; S.I. 1998/3173, art. 2

F4Words in s. 178(2)(f) repealed (29.4.1996 with effect as specified in Sch. 18 para. 17 of the amending Act) by 1996 c. 8, ss. 132, 205, Sch. 18 para. 13, Sch. 41 Pt. V(8), note

F5S. 178(2)(ga) inserted (21.7.2009) by Finance Act 2009 (c. 10), s. 105(5)(a)

F6S. 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

F8S. 178(2)(gh) inserted (5.10.1999) by 1999 c. 10, ss. 2, 20(2), Sch. 2 Pt. IV para. 10(2)

F9s. 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))

F10Word in s. 178(2)(k) inserted (21.7.2009) by Finance Act 2009 (c. 10), s. 105(5)(b)

F11Words in s. 178(2)(m) repealed (28.7.2000 with effect as mentioned in s. 11(6) of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(17), Note 1

F12Words in s. 178(2)(m) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 162(a), Sch. 8 Pt. 1 (with Sch. 7)

F13Words in s. 178(2)(m) repealed (29.4.1996 with effect as mentioned in Sch. 7 paras. 32-35 of the amending Act) by 1996 c. 8, ss. 79(2), 205, Sch. 7 para. 30, Sch. 41 Pt. V(2), note

F15S. 178(2)(n) repealed (1.5.1995) by 1995 c. 4, s. 162, Sch. 29 Pt. XII

F16S. 178(2)(o) and word immediately proceeding it inserted (G.B.) by Ports Act 1991 (c. 52, SIF 58), s. 14(5).

F17It is provided that s. 178(2)(p) shall be inserted (5.10.1999) by 1999 c. 10, ss. 10(4), 20(2), Sch. 4 para. 8(1)

F18Word in s. 178(2)(p) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 162(b), Sch. 8 Pt. 1 (with Sch. 7)

F19S. 178(2)(p) and word “and” preceding inserted (27.7.1999 with application in relation to instruments executed on or after 1.10.1999) by 1999 c. 16, ss. 110(9)(10), 123(4)

F20S. 178(2)(q) renumbered (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 162(c) (with Sch. 7)

F21S. 178(2)(q) inserted (E.W.S.) (8.12.2002) by 2002 c. 22, ss. 11, 12, Sch. 1 para. 8(1)(2); S.I. 2002/2866, art. 2(2), Sch. 1 Pt. 2

F23S. 178(2)(s) and preceding word inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 162(d) (with Sch. 7)

F24S. 178(2)(t) added (10.7.2003) by Finance Act 2003 (c. 14), Sch. 18 para. 4

F25S. 178(5) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), s. 105(6)(a)

F26S. 178(6) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

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); S.I. 1998/3173, art, 2

S. 178 applied (1.5.1995) by 1995 c. 4, s. 157(6)

S. 178 extended (1.5.1995) by 1995 c. 4, s. 157(6)

S. 178 applied (31.7.1997) by 1997 c. 58, s. 3, Sch. 2 para. 12(4)

S. 178 applied (27.7.1999 with application to instruments executed on or after 1.10.1999) by 1891 c. 39, s. 15A(3) (as substituted (27.7.1999 with application to instruments executed on or after 1.10.1999) by 1999 c. 16, s. 109(1)(4))

S. 178 applied (27.7.1999 with application in relation to instruments executed on or after 1.10.1999) by ss. 110(1)-(5)(10), 123(4)

S. 178 applied (5.10.1999) by 1999 c. 10, ss. 10(4), 20(2), Sch. 4 para. 8(2)

S. 178 applied (1.4.2000) by S.I. 2000/944, art. 25

S. 178 applied (1.4.2000) by s.I. 2000/944, art. 41(1)

S. 178 applied (1.4.2000) by S.I. 2000/944, art. 46(1)

S. 178 applied (1.3.2003) by S.I. 2002/2172, reg. 8(13)

C4 For regulations see S.I. 1989/1297 (inPart III Vol. 5).And see Tables Iand O Vol. 1

C5Power 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

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

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?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

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?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

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?

You have chosen to open the Whole Act without Schedules

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?

You have chosen to open Schedules only

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?

Close

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.

Close

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

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
Close

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.

Close

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