(1)The words “rate applicable under section 178 of the Finance Act 1989”shall be substituted—
(a)for the words from “rate” to “annum” in—
(i)section 18(1) of the M1 Finance Act 1896,
(ii)section 61(5) of the M2 Finance (1909-10) Act 1910,
(iii)section 17(3) of the M3 Law of Property Act 1925,
(iv)section 73(6) of the M4 Land Registration Act 1925,
(v)paragraphs 15(1) and 16 of Schedule 2, and paragraph 8(4) of Schedule 5,to the M5 Oil Taxation Act 1975,
F1(vi). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(vii)sections 824(1) and 825(2) of the Taxes Act 1988,
(b) for the words“ perscribed rate” in—
(i)sections 86(1), 86A(1), 87(1), 87A(1) and (5) and 88(1) of the M6 Taxes Management Act 1970,
(ii)paragraph 3(4) of Schedule 16A to the M7 Finance Act1973, and
(iii)paragraph 3(4) of Schedule 19A to the Taxes Act 1988,
(c)for the words “rate which” onwards in—
(i)paragraph 59(1) of Schedule 8 to the M8 Development LandTax Act 1976, and
(ii)section 826(1) of the Taxes Act 1988,
(d)for the words “rate applicable under subsection (2) below” in section233(1) of the M9 Inheritance Tax Act 1984,
(e)for the words “rate for the time being applicable under section233(2)(b) above” in subsection (3), and the words “rate for the timebeing applicable under section 233(2)(a) above” in subsection (4), ofsection 236 of that Act,
(f)for the words “appropriate rate” in section 92(2) of the M10 Finance Act 1986, and
(g)for the words “rate prescribed from time to time by the Treasury byorder” in section 160(5)(d) of the Taxes Act 1988.
(2)In section 8(9) of the M11 Finance Act 1894, for thewords from “such interest” to “per cent.” there shall be substitutedthe words “interest at such rate not exceeding that applicable under section178 of the Finance Act 1989”.
(3)In section 236(4) of the Inheritance Tax Act 1984, for the words “as ifsection 233(1)(b) above had applied” there shall be substituted the words “from the end of the period mentioned in section 233(1)(b) above”.
(4)Any amendment made by subsection (1), (2) or (3) above shall have effect in relation to any period for which section 178(1) above has effect for thepurposes of the enactment concerned.
(5)Section 146(11) of the Taxes Act 1988 shall have effect in relation to anyyear of assessment beginning after the day on which section 178(1) above haseffect for the purposes of section 160 of that Act with the substitution ofthe words “applicable for the purposes of section 160” for the words “prescribed by the Treasury under section 160(5)”.
Textual Amendments
F1S. 179(1)(a)(vi) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss. 201(3), Sch. 11 paras. 22, 26(2), 27)
Marginal Citations
M61970c. 9.