Finance Act 1989

179 Provisions consequential on section 178.

(1) The words “rate applicable under section 178 of the Finance Act 1989” shall be substituted—

(a) for the words from “rate” to “annum” in—

(i) section 18(1) of the [1896 c. 28.] Finance Act 1896,

(ii) section 61(5) of the [1910 c. 8.] Finance (1909-10) Act 1910,

(iii) section 17(3) of the [1925 c. 20.] Law of Property Act 1925,

(iv) section 73(6) of the [1925 c. 21.] Land Registration Act 1925,

(v) paragraphs 15(1) and 16 of Schedule 2, and paragraph 8(4) of Schedule 5, to the [1975 c. 22.] Oil Taxation Act 1975,

(vi) section 47(1) of the [1975 c. 45.] Finance (No.2) Act 1975, and

(vii) sections 824(1) and 825(2) of the Taxes Act 1988,

(b) for the words “prescribed rate” in—

(i) sections 86(1), 86A(1), 87(1), 87A(1) and (5) and 88(1) of the [1970 c. 9.] Taxes Management Act 1970,

(ii) paragraph 3(4) of Schedule 16A to the [1973 c. 51.] Finance Act 1973, and

(iii) paragraph 3(4) of Schedule 19A to the Taxes Act 1988,

(c) for the words “rate which” onwards in—

(i) paragraph 59(1) of Schedule 8 to the [1976 c. 24.] Development Land Tax Act 1976, and

(ii) section 826(1) of the Taxes Act 1988,

(d) for the words “rate applicable under subsection (2) below” in section 233(1) of the [1984 c. 51.] Inheritance Tax Act 1984,

(e) for the words “rate for the time being applicable under section 233(2)(b) above” in subsection (3), and the words “rate for the time being applicable under section 233(2)(a) above” in subsection (4), of section 236 of that Act,

(f) for the words “appropriate rate” in section 92(2) of the [1986 c. 41.] Finance Act 1986, and

(g) for the words “rate prescribed from time to time by the Treasury by order” in section 160(5)(d) of the Taxes Act 1988.

(2) In section 8(9) of the [1894 c. 30.] Finance Act 1894, for the words from “such interest” to “per cent.” there shall be substituted the words “interest at such rate not exceeding that applicable under section 178 of the Finance Act 1989”.

(3) In section 236(4) of the Inheritance Tax Act 1984, for the words “as if section 233(1)(b) above had applied” there shall be substituted the words “from the end of the period mentioned in section 233(1)(b) above”.

(4) Any amendment made by subsection (1), (2) or (3) above shall have effect in relation to any period for which section 178(1) above has effect for the purposes of the enactment concerned.

(5) Section 146(11) of the Taxes Act 1988 shall have effect in relation to any year of assessment beginning after the day on which section 178(1) above has effect for the purposes of section 160 of that Act with the substitution of the words “applicable for the purposes of section 160” for the words “prescribed by the Treasury under section 160(5)”.