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Statutory Instruments
1992 No. 2745
VALUE ADDED TAX
The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1992
Made
2nd November 1992
Laid before the House of Commons
3rd November 1992
Coming into force
6th November 1992
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 1992 and shall come into force on 6th November 1992.
2. For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 7.75 per cent.
Irvine Patnick
Tim Wood
Two of the Lords Commissioners of Her Majesty's Treasury
2nd November 1992
Explanatory Note
(This note is not part of the Order)
This Order reduces from 9.25 per cent. to 7.75 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).
1985 c. 54; section 18 was amended by the Finance Act 1988 (c. 39), sections 14 and 18 and Schedule 14, Part III, the Finance Act 1990 (c. 29), section 16 and Schedule 19, Part III and the Finance (No. 2) Act 1992 (c. 48), section 14 and Schedule 3, paragraph 83.