The Income Tax (Interest on Unpaid Tax and Repayment Supplement) (No. 3) Order 1988

2.  The prescribed rate of interest for the purposes of each of the provisions set out in the Table below shall be 10.75per cent. per annum.

TABLE

Section 8 of the Finance (No. 2) Act 1947(1) (unpaid profits tax, excess profits tax and excess profits levy)

Paragraph 10(1) of Schedule 7 to the Finance Act 1960(2) (unpaid profits tax recovered to make good loss due to taxpayer’s fault)

Sections 86(3), 86A(4), 87(5) and 88(6) of the Taxes Management Act 1970 (unpaid income tax, surtax, capital gains tax, corporation tax, including advance corporation tax, development land tax, and overpaid development land tax)

Paragraph 15(1) of Schedule 2 to the Oil Taxation Act 1975(7) (unpaid petroleum revenue tax)

(1)

1947 c. 9 (11 & 12 Geo. 6).

(2)

1960 c. 44.

(3)

Section 86 was substituted by section 46(1) of the Finance (No. 2) Act 1975 (c. 45); the section as substituted was amended by sections 61(3) and 62(1) and (2) of the Finance Act 1980 (c. 48), by section 69(1) of the Finance Act 1982 (c. 39) and by section 844(1) of, and paragraph 32 of Schedule 29 to, the Income and Corporation Taxes Act 1988 (c. 1). Other modifications of and applications of the section were made by section 46(2) of the Finance (No. 2) Act 1975 (c. 45), section 62(6) of the Finance Act 1981 (c. 35) and by section 26 of, and paragraph 13(9) of Schedule 5 to, the Finance Act 1983 (c. 28).

(4)

Section 86A was inserted by section 41 of, and paragraph 21(2) of Schedule 8 to, the Development Land Tax Act 1976 (c. 24) and amended by section 115(2) and section 122(4) of, and Part XIV of Schedule 20 to, the Finance Act 1980 (c. 48) and by section 123(4) of the Finance Act 1984 (c. 43). The Development Land Tax Act 1976 (c. 24) was repealed by section 98(6) of, and Part X of Schedule 27 to, the Finance Act 1985 (c. 54).

(5)

Section 87 was substituted by section 111 of, and paragraph 10 of Schedule 24 to, the Finance Act 1972 (c. 41); the section as substituted was amended by section 46(3) of the Finance (No. 2) Act 1975 (c. 45), by section 62(1) and (2) of the Finance Act 1980 (c. 48) and by section 844(1) of, and paragraph 32 of Schedule 29 to, the Income and Corporation Taxes Act 1988 (c. 1).

(6)

Section 88 was amended by section 37(1) of, and paragraph 87 of Schedule 6 to, the Finance Act 1971 (c. 68), section 111 of, and paragraph 11 of Schedule 24 to, the Finance Act 1972 (c. 41), section 46(4) of the Finance (No. 2) Act 1975 (c. 45), section 41 of, and paragraph 22(1) of Schedule 8 to, the Development Land Tax Act 1976 (c. 24), by section 61(4) of the Finance Act 1980 (c. 48) and by section 844(1) and (3) of, and paragraph 32 of Schedule 29 and Schedule 31 to, the Income and Corporation Taxes Act 1988 (c. 1). (The amendments made by 1976 c. 24 were relevant only for the purposes of development land tax.).

(7)

1975 c. 22; paragraph 15(1) was amended by section 2(1) of the Petroleum Revenue Tax Act 1980 (c. 1).