Version Superseded: 06/10/2011
Point in time view as at 31/08/2010. This version of this provision has been superseded.
Finance Act 2009, Section 103 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The late payment interest rate is the rate provided for in regulations made by the Treasury under this subsection.
(2)The repayment interest rate is the rate provided for in regulations made by the Treasury under this subsection.
(3)Regulations under subsection (1) or (2)—
(a)may make different provision for different purposes,
(b)may either themselves specify a rate of interest or make provision for such a rate to be determined (and to change from time to time) by reference to such rate, or the average of such rates, as may be referred to in the regulations,
(c)may 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)may provide for rates arrived at by reference to averages to be rounded up or down,
(e)may provide for circumstances in which alteration of a rate of interest is or is not to be take place, and
(f)may 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.
Commencement Information
I1S. 103 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2
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