(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“ prescribed rate” in—
(i)sections 86(1), 86A(1), 87(1), 87A(1) and (5) [F2and 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
F3(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
F4(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F1S. 179(1)(a)(vi) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss.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)
F2Words in s. 179(1)(b)(i) repealed (29.4.1996 with effect in accordance with Sch. 18 para. 17 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V
F3S. 179(1)(g) 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. 8 Pt. 1 (with Sch. 7)
F4S. 179(5) 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. 8 Pt. 1 (with Sch. 7)
Marginal Citations
M61970c. 9.