Citation and commencement

1.  These Regulations may be cited as the Air Passenger Duty and Other Indirect Taxes (Interest Rate) Regulations 1997 and shall come into force on 1st April 1997.

Applicable rate of interest payable to the Commissioners of Customs and Excise in connection with air passenger duty, insurance premium tax, VAT recovered or recoverable by assessment and landfill tax.

2.  For the purposes of—

(a)paragraph 7 of Schedule 6 to the Finance Act 1994(2),

(b)paragraph 21 of Schedule 7 to that Act,

(c)section 74 of the Value Added Tax Act 1994(3), and

(d)paragraph 26 of Schedule 5 to the Finance Act 1996,the rate applicable under section 197 of the Finance Act 1996 shall be 6.25 per cent. per annum.

Applicable rate of interest payable by the Commissioners of Customs and Excise in connection with air passenger duty, insurance premium tax, cases of official error in relation to VAT and landfill tax

3.  On the coming into force of these Regulations, for the purposes of—

(a)paragraph 9 of Schedule 6 to the Finance Act 1994,

(b)paragraph 22 of Schedule 7 to that Act,

(c)section 78 of the Value Added Tax Act 1994, and

(d)paragraph 29 of Schedule 5 to the Finance Act 1996,the rate applicable under section 197 of the Finance Act 1996 shall be 6 per cent. per annum.

Explanatory Note

(This note is not part of the Regulations)

These Regulations, made under powers contained in section 197 of the Finance Act 1996 (c. 8), specify the interest rates applicable under that section. The Regulations come into force on 1st April 1997.

In relation to interest payable to the Commissioners in connection with air passenger duty, insurance premium tax , VAT recovered or recoverable by assessment and landfill tax, the Regulations provide that the applicable rate shall be 6.25 per cent. per annum.

In relation to interest payable by the Commissioners in connection with air passenger duty, insurance premium tax, cases of official error in relation to VAT and landfill tax, the Regulations provide that the applicable rate shall be 6 per cent. per annum.

Regulation 1 provides for the title to and commencement of the Regulations.

Regulation 2 specifies the interest rate applicable under section 197 of the Finance Act 1996 in relation to interest payable to the Commissioners.

Regulation 3 specifies the rate applicable under section 197 of the Finance Act 1996 in relation to interest payable by the Commissioners.