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The Taxes (Interest Rate) (Amendment) Regulations 1991
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- UK Statutory Instruments
- 1991 No. 889
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend with effect from 6th April 1991 theprovisions of the Taxes (Interest Rate) Regulations 1989 (S.I.1989/1297) (“the Principal Regulations”) which specify the method of determining the official rate ofinterest for the purposes of section 160 of the Income and CorporationTaxes Act 1988 (“section 160”) (taxation of beneficial loans made to employees). The officialrate of interest determined under section 160 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 disapply the formula for determining thelevel of the official rate of interest and specify the official rate forthe purposes of section 160.
Regulation 1 provides for citation and commencement.
Regulation 2 defines the Principal Regulations.
Regulation 3 substitutes a new regulation 5 of the PrincipalRegulations which specifies the official rate of interest for thepurposes of section 160 with effect from 6th April 1991.
Regulation 4 makes a consequential amendment to regulation 6 of thePrincipal Regulations.
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