Applicable rate of official rate of interestI15

1

For the purpose of section 160 of the Income and Corporation Taxes Act 198816 the rate applicable under section 178 shall, subject to paragraph (2), be 15.5 per cent. per annum.

2

Where, on a reference date after the coming into force of these Regulations, the reference rate found on that date differs from the established rate, the rate applicable under section 178 for the purpose of section 160 of the Income and Corporation Taxes Act 1988, shall, on and after the next operative date, be the percentage per annum found by applying the formula specified in paragraph (3).

3

The formula specified in this paragraph is–

  • RR + 1.5,

where RR is the reference rate referred to in paragraph (2).