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Income Tax (Official Rate of Interest on Beneficial Loans) Order 1988

As Enacted Cited authorities 4 Cited in Amendments 1 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 1988/757
Year1988

1988No. 757

INCOME TAX

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

Order 1988

21stApril1988

22ndApril1988

6thMay1988

The Treasury, in exercise of the powers conferred on them by section 160(5) of the Income and Corporation Taxes Act 1988 ( a) , hereby make the following Order:

1.This Order may be cited as the Income Tax (Official Rate of Interest on Beneficial Loans) Order 1988 and shall come into force on 6th May 1988.

2.For the purposes of section 160 of, and Schedule 7 to, the Income and Corporation Taxes Act 1988 (which impose a charge to income tax on beneficial loans) the official rate of interest is prescribed to be 9.5 per cent. per annum.

Mark Lennox-Boyd

Michael Neubert

21st April 1988

Two of the Lords Commissioners of Her Majesty's Treasury

EXPLANATORY NOTE

(This note is not part of the Order)

By this Order the official rate of interest for the purposes of section 160 of, and Schedule 7 to, the Income and Corporation Taxes Act 1988 (charge to income tax on beneficial loans) is prescribed to be 9.5 per cent. per annum on and after 6th May 1988.

Previous Orders-S.I. 1978/28, 1980/439, 1982/1273 and 1987/512, 886, 1493 and 1989-prescribed rates of 9 per cent. per annum (on and after 6th April 1978), 15 per cent. per annum (on and after 6th May 1980), 12 per cent. per annum (on and after 6th October 1982), 11 1/2 per cent. per annum (on and after 6th April 1987), 10 1/2 per cent. per annum (on and after 6th June 1987), 11 1/2 per cent. per annum (on and after 6th September 1987) and 10 1/2 per cent. (on and after 6th December 1987) respectively.

ISBN 0 11 086757 2

(a) 1988 c.1.

Enabling power: Income and Corporation Taxes Act 1988, s.160 (5).

Effect: -.

Issued:

[13 5 88]

Regional application: E/W/S/NI.

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