Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
2nd May 1991
Laid before the House of Commons
3rd May 1991
Coming into force
6th May 1991
The Treasury, in exercise of the powers conferred on them by section178 of the Finance Act 1989(1), hereby make the following Regulations:
1. These Regulations may be cited as the Taxes (Interest Rate)(Amendment) (No. 2) Regulations 1991 and shall come into force on 6thMay 1991.
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989(2)—
(a)for“6th April 1991” there shall be substituted“6th May 1991”;
(b)for“13.5 per cent. per annum” there shall be substituted“12.75 per cent. per annum”.
Irvine Patnick
Nicholas Baker
Two of the Lords Commissioners of Her Majesty’s Treasury
2nd May 1991
(This note is not part of the Regulations)
These Regulations amend with effect from 6th May 1991 the provisionof the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297), asamended by the Taxes (Interest Rate) (Amendment) Regulations 1991 (S.I.1991/889), which specifies the official rate of interest for thepurposes of section 160 of the Income and Corporation Taxes Act 1988(c.1) (taxation of beneficial loans made to employees). The officialrate of interest also determines the“appropriate percentage” for the purposes of the additional charge to tax in respect ofcertain living accommodation provided for employees under section 146 ofthe 1988 Act. The amendments substitute a new official rate of interest(12.75 per cent. per annum) for the rate of 13.5 per cent. per annumspecified by S.I. 1991/889.