1987 No. 1493

INCOME TAX

The Income Tax (Official Rate of Interest on Beneficial Loans) (No. 3) Order 1987

Made

Laid before the House of Commons

Coming into force

The Treasury, in exercise of the powers conferred on them by section 66(9) of the Finance Act 19761 hereby make the following Order:

1

This Order may be cited as the Income Tax (Official Rate of Interest on Beneficial Loans) (No. 3) Order 1987 and shall come into force on 6th September 1987.

2

For the purposes of section 662 of, and Schedule 83 to, the Finance Act 1976 (which impose a charge to income tax on beneficial loans) the official rate of interest is prescribed to be 11½ per cent. per annum.

Peter LloydDavid LightbownTwo of the Lords Commissioners of Her Majesty’s Treasury

(This note is not part of the Order)

By this Order the official rate of interest for the purposes of section 66 of, and Schedule 8 to, the Finance Act 1976 (charge to income tax on beneficial loans) is prescribed to be 11½ per cent. per annum on and after 6th September 1987.

Previous Orders—S.I.1978/28, 1980/439, 1982/1273, 1987/512 and 886—prescribed rates of 9 per cent. per annum (on and after 6th April 1978), 15 per cent. per annum (on and after 6th May 1980), 12 per cent. per annum (on and after 6th October 1982), 11½ per cent. per annum (on and after 6th April 1987) and 10½ per cent. per annum (on and after 6th June 1987) respectively.