The Insurance Premium Tax (Prescribed Rates of Interest) (Amendment) Order 1996

Made31st January 1996

Laid before the House of Commons31st January 1996

Coming into force6th February 1996

The Treasury, in exercise of the powers conferred on them by section 74(1) of, and paragraph 21(5) of Schedule 7 to, the Finance Act 19941 and of all other powers enabling them in that behalf, hereby make the following Order:

1

This Order may be cited as the Insurance Premium Tax (Prescribed Rates of Interest) (Amendment) Order 1996 and shall come into force on 6th February 1996.

2

In article 2 of the Insurance Premium Tax (Prescribed Rates of Interest) Order 19942 for “5.5” there shall be substituted “6.25”.

Simon BurnsDerek ConwayTwo of the Lords Commissioners of Her Majesty’s Treasury31st January 1996

(This note is not part of the Order)

This Order increases the prescribed rate of interest for the purposes of paragraph 21 of Schedule 7 to the Finance Act 1994 (c. 9) (interest on insurance premium tax recovered or recoverable by assessment) from 5.5 per cent. to 6.25 per cent. with effect from 6th February 1996.