Part III Miscellaneous and General
Interest etc.
C1C5C4C7C6C8C9C10178 Setting of rates of interest.
C21
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—
F1aa
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,
F22e
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
g
paragraph 3 of Schedule 16A to the M6Finance Act 1973,
F23ga
section 48(1) of the Finance Act 1975,
F6gh
h
paragraphs 15 and 16 of Schedule 2, and paragraph 8 of Schedule 5, to the M9Oil Taxation Act 1975,
j
paragraph 59 of Schedule 8 to the M11Development Land Tax Act 1976,
l
section 92 of the Finance Act 1986, and
m
o
section 14(4) of the Ports Act 1991.
F15q
paragraph 8 of Schedule 1 to the Employment Act 2002.
s
Chapter 7 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003.
v
section 79 of FA 2015,
F33w
sections 67 and 68 of the Finance Act 2020.
F35x
paragraphs 33 and 51 of Schedule 14 to the Finance Act 2023.
F36y
paragraphs 33 and 51 of Schedule 14 to the Finance (No.2) Act 2023, as applied in relation to domestic top-up tax by paragraph 4 of Schedule 18 to that Act.
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 F32rates or 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.
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