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Finance (No.2) Act 1987

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This is the original version (as it was originally enacted).

89Prescribed rate of interest.

(1)In section 89 of the Management Act (prescribed rate of interest) for subsection (1) there shall be substituted the following subsection—

“(1)For the purposes of any provision of this Part of this Act and of section 87 of the Finance (No. 2) Act 1987 “the prescribed rate” means such rate as may for the time being be prescribed for the purposes of the provision in question by order made by the Treasury.”

(2)In subsection (2) of that section—

(a)for the words “The Treasury may, by order in a” there shall be substituted “The power to make an order under this section shall be exercisable by”; and

(b)for the words from “from time to time” to “either” there shall be substituted “and any such order may be framed either so as to prescribe a single rate”.

(3)In subsection (3) of that section for the words from the beginning to “(2) above” there shall be substituted “Any rate of interest prescribed by order under this section”.

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