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The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1991
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Statutory Instruments
1991 No. 348
VALUE ADDED TAX
The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1991
Made
26th February 1991
Laid before Parliament
1st March 1991
Coming into force
6th March 1991
The Treasury, in exercise of the power conferred on them by section 18(8) of the Finance Act 1985(1), hereby make the following Order:
1. This Order may be cited as the Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1991 and shall come into force on 6th March 1991.
2. For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 11.50 per cent.
Thomas Sackville
Sydney Chapman
Two of the Lords Commissioners of Her Majesty’s Treasury
26th February 1991
Explanatory Note
(This note is not part of the Order)
This Order reduces from 12.25 per cent to 11.50 per cent the prescribed rate of interest for the purposes of section 18 of the Finance Act 1985 (interest on tax etc recovered or recoverable by assessment.
(1)
1985 c. 54; section 18 was amended by the Finance Act 1988 (c. 39), sections 14 and 18 and Schedule 14, Part III and the Finance Act 1990 (c. 29), section 16 and Schedule 19, Part III.
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