2

For regulation 5(1) of the Taxes (Interest Rate) Regulations 19892 substitute—

1

For the purposes of section 181 of the Income Tax (Earnings and Pensions) Act 20033 (“section 181”) the rate applicable under section 178 shall, on and after 6th April 2007 and subject to paragraph (2), be 6.25 per cent. per annum.