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The Tax Credits (Interest Rate) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 123
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations prescribe a rate of interest on the whole or part of any overpayment of tax credit under the Tax Credits Act 2002 (c. 21) where the overpayment is attributable to fraud or neglect and the Board of Inland Revenue have decided that the whole or part of the overpayment should carry interest. The Regulations also prescribe a rate of interest on any penalty under sections 31 to 33 of the Tax Credits Act 2002 (penalties for incorrect statements, failure to comply with requirements, etc.).
Regulation 1 provides for citation and commencement, and regulation 2 contains definitions.
Regulation 3 specifies the matters in respect of which the rate of interest is to be prescribed as mentioned above, and regulation 4 prescribes the rate of interest in part by reference to a formula to be applied in certain circumstances.
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