Statutory Instruments
2007 No. 684
Income tax
inheritance tax
taxes
The Taxes (Interest Rate) (Amendment) Regulations 2007
Made
5th March 2007
Laid before the House of Commons
6th March 2007
Coming into force
6th April 2007
The Treasury make the following Regulations in exercise of the powers in section 178 of the Finance Act 1989( 1 ):
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment) Regulations 2007 and shall come into force on 6th April 2007.
2. For regulation 5(1) of the Taxes (Interest Rate) Regulations 1989( 2 ) substitute—
“ (1) For the purposes of section 181 of the Income Tax (Earnings and Pensions) Act 2003 ( 3 ) (“section 181”) the rate applicable under section 178 shall, on and after 6th April 2007 and subject to paragraph (2), be 6.25 per cent. per annum. ” .
3. In regulation 5(2) for “section 160” substitute “section 181”.
Frank Roy
Claire Ward
Two of the Lords Commissioners of Her Majesty’s Treasury
5th March 2007
1989 c.26 ; section 178 was extended by section 181 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) .
S.I. 1989/1297 ; the relevant amending instruments are S.I. 1994/1307 , 1567 , 2657 1995/2436 , 1996/54 , 1321 and 2644 , 1997/1681 , 1999/419 and 2001/3860 .
2003 c.1 . Section 181 replaced section 160 of the Income and Corporation Taxes Act 1988 (c.1.) .