- Latest available (Revised)
- Original (As made)
The Taxes (Interest Rate) (Amendment) Regulations 2008
You are here:
- UK Statutory Instruments
- 2008 No. 778
- Whole Instrument
- Previous
- Next
What Version
Opening Options
More Resources
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This is the original version (as it was originally made).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
2008 No. 778
Taxes
Social Security
The Taxes (Interest Rate) (Amendment) Regulations 2008
Made
19th March 2008
Laid before the House of Commons
19th March 2008
Coming into force
6th April 2008
The Treasury make the following Regulations in exercise of the powers conferred by section 178(1) to (3) of the Finance Act 1989(1).
Citation and commencement
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment) Regulations 2008 and shall come into force on 6th April 2008.
Amendment of the Taxes (Interest Rate) Regulations 1989
2. In the Taxes (Interest Rate) Regulations 1989(2), in regulation 3AB(3)—
(a)in the specified formula for “LR” substitute “BR”, and
(b)for “LR is the percentage at which income tax at the lower rate” substitute “BR is the percentage at which income tax at the basic rate”.
Alan Campbell
Frank Roy
Two of the Lords Commissioners of Her Majesty’s Treasury
19th March 2008
EXPLANATORY NOTE
(This note is not part of the Regulations)
The Taxes (Interest Rate) Regulations 1989 (as amended) (“the 1989 Regulations”), made under powers conferred by section 178 of the Finance Act 1989, specify the interest rates applicable for the purposes of the enactments specified in section 178(2) of that Act. Regulation 3AB of the 1989 Regulations specifies the interest rate applicable for the purposes of some of those enactments which deal with the making of repayments by Her Majesty’s Revenue and Customs.
These Regulations amend regulation 3AB of the 1989 Regulations to take account of the changes in the manner in which income is charged to income tax which, it is anticipated, may have effect for 2008-09 and later tax years.
These Regulations do not impose any costs on business.
(1)
1989 c. 26; section 178(2) was relevantly amended by the Social Security Act 1990 (c. 27), paragraph 107 of Schedule 2 to the Social Security (Consequential Provisions) Act 1992 (c. 6), paragraph 19(4) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12), section 110(9) of the Finance Act 1999 (c. 16) and paragraph 4 of Schedule 18 to the Finance Act 2003 (c. 14).
(2)
S.I. 1989/1297; regulation 3AB was inserted by S.I. 1996/3187, and amended by S.I. 1999/2538 and 2005/3462.
Options/Help
Print Options
PrintThe Whole Instrument
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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 enacted version 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
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
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.