This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
This Order appoints 1 February 2013 as the day on which those parts of the interest regime set out in sections 101 to 103 of the Finance Act 2009(1) about late payment and repayment interest come into force in relation to machine games duty.
Section 101 applies late payment interest to any sum due by virtue of any enactment to HM Revenue and Customs (HMRC) but paid late. Schedule 53 to the Finance Act 2009 applies section 101 and makes provisions concerning the amounts, start date and end dates for charging late payment interest as well as further provision to clarify the effect of late payment interest on certain reliefs.
Section 102 applies repayment interest to any amount that is payable by HMRC to any person by virtue of an enactment. Schedule 54 to the Finance Act 2009 applies section 102 and makes provisions concerning the amounts, and start date, for the accrual of repayment interest
The current applicable rates in respect of late payment interest and repayment interest are set out in the Taxes and Duties, etc (Interest Rate) Regulations 2011(2).
A Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy and it is an appointed day order.
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