Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Income Tax (Official Rate of Interest on Beneficial Loans) Order 1980

As Enacted Cited authorities 4 Cited in Related
Vincent
JurisdictionUK Non-devolved
CitationSI 1980/439
Year1980

1980 No. 439

INCOME TAX

The Income Tax (Official Rate of Interest on Beneficial Loans) Order 1980

18thMarch 1980

26thMarch 1980

6thMay 1980

The Treasury, in exercise of the powers conferred on them by section 66(9) of the Finance Act 1976(a), hereby make the following order:—

1. This order may be cited as the Income Tax (Official Rate of Interest on Beneficial Loans) Order 1980 and shall come into force on 6th May 1980.

2. For the purposes of section 66 of and Schedule 8 to the Finance Act 1976 (which impose a charge to income tax on beneficial loans) the official rate of interest shall be increased from 9 per cent. per annum to 15 per cent. per annum.

John MacGregor Peter Morrison Two of the Lords Commissioners of Her Majesty's Treasury.

18th March 1980.

(a) 1976 c. 40.

EXPLANATORY NOTE

(This Note is not part of the Order.)

With effect from 6th May 1980 this Order increases from 9 per cent. per annum to 15 per cent. per annum the official rate of interest for the purposes of the charge to income tax under the Finance Act 1976 in respect of certain cheap or interest-free loans, which directors and higher-paid employees obtain by reason of their employment.

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT