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
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) .
S.I. 1989/1297 ; regulation 3AB was inserted by S.I. 1996/3187 , and amended by S.I. 1999/2538 and 2005/3462 .