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Statutory Instruments
1994 No. 2542
VALUE ADDED TAX
The Value Added Tax Act 1994 (Interest on Tax) (Prescribed Rate) Order 1994
Made
28th September 1994
Laid before the House of Commons
30th September 1994
Coming into force
6th October 1994
The Treasury, in exercise of the power conferred on them by section 74(6) of the Value Added Tax Act 1994(1), hereby make the following Order:
1. This Order may be cited as the Value Added Tax Act 1994 (Interest on Tax) (Prescribed Rate) Order 1994 and shall come into force on 6th October1994.
2. For the purposes of subsections (1), (2) and (4) of section 74 of the Value Added Tax Act 1994 the prescribed rate shall be 6.25 per cent.
Derek Conway
Tim Wood
Two of the Lords Commissioners
28th September 1994of Her Majesty's Treasury
Explanatory Note
(This note is not part of the Order)
This Order increases the prescribed rate of interest for the purposes of section 74 of the Value Added Tax Act 1994 (interest on VAT recovered or recoverable by assessment) from 5.50 per cent. to 6.25 per cent. with effect from 6th October 1994.
c.23.