Search Legislation

The Taxes (Interest Rate) (Amendment No. 2) Regulations 2001

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Statutory Instruments

2001 No. 254

TAXES

TAXES, NORTHERN IRELAND

The Taxes (Interest Rate) (Amendment No. 2) Regulations 2001

Made

1st February 2001

Laid before the House of Commons

1st February 2001

Coming into force

7th March 2001

The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989(1), hereby make the following Regulations:

1.  These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 2) Regulations 2001 and shall come into force on 7th March 2001.

2.  After paragraph (b) of regulation 3(1) of the Taxes (Interest Rate) Regulations 1989(2) insert the following paragraph—

(ba)section 71(8A) of the Social Security Administration Act 1992(3) and section 69(8A) of the Social Security Administration (Northern Ireland) Act 1992(4), as they have effect in any case where the amount recoverable referred to in each of those sections is in respect of working families' tax credit or disabled person’s tax credit, and paragraph 8 of Schedule 4 to the Tax Credits Act 1999;.

Greg Pope

Clive Betts

Two of the Lords Commissioners of Her Majesty’s Treasury

1st February 2001

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) so as to provide for the rate of interest on recoverable amounts of working families' tax credit and disabled person’s tax credit, and for the rate of interest on penalties for fraudulently or negligently making any incorrect statement or declaration in connection with a claim for working families' tax credit or disabled person’s tax credit.

The Regulations have effect in relation to periods beginning on or after 7th March 2001, being the day appointed by the Treasury in S.I. 2001/253 (C. 14), and, by virtue of section 178(7) of the Finance Act 1989, have effect in relation to interest running from before that day as well as from, or from after, that day.

(1)

1989 c. 26. Section 178 was relevantly amended by paragraph 10(2) of Schedule 2, and paragraph 8(1) of Schedule 4, to the Tax Credits Act 1999 (c. 10).

(2)

S.I. 1989/1297; regulation 3 was substituted by regulation 2 of S.I. 1996/3187 and paragraph (1) of regulation 3 was amended by S.I. 1997/2707, 1998/310 and 1999/2538.

(3)

1992 c. 5; section 71 was relevantly amended by paragraph 3(c) of Schedule 1, and paragraph 10(1) of Schedule 2, to the Tax Credits Act 1999.

(4)

1992 c. 8; section 69 was relevantly amended by paragraph 5(c) of Schedule 1, and paragraph 10(1) of Schedule 2, to the Tax Credits Act 1999.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources