http://www.legislation.gov.uk/uksi/1989/1002/contents/made

The Inheritance Tax and Capital Transfer Tax (Interest on Unpaid Tax) Order 1989

Inheritance tax

Tax

King's Printer of Acts of Parliament

2011-07-04

INHERITANCE TAX

This Order increases with effect from 6th July 1989 the annual rate of interest on unpaid inheritance tax, or unpaid capital transfer tax where the liability to tax arose before25th July 1986, payable under section 233 of the Inheritance Tax Act 1984 (formerly the Capital Transfer Tax Act 1984). The annual rate is increased to 11 per cent. This increase also has effect in relation to repayments of capital transfer tax or inheritance tax since, by virtue of section 235 of the Act, these carry interest at the rate applicable to unpaid tax under section 233. Section 236 of the Act, as amended by paragraph 33 of Schedule 19 to the Finance Act 1986, Part X of Schedule 23 to the Finance Act 1986 and Part X of Schedule 14 to the Finance Act 1988 (c. 39), applies the provisions of section 233 to certain special cases where tax has been overpaid or underpaid.