The Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1993

Made2nd March 1993

Laid before the House of Commons3rd March 1993

Coming into force6th March 1993

The Treasury, in exercise of the power conferred on them by section 18(8) of the Finance Act 19851, hereby make the following Order:

1

This Order may be cited as the Finance Act 1985 (Interest on Tax) (Prescribed Rate) Order 1993 and shall come into force on 6th March 1993.

2

For the purposes of subsections (1), (3) and (6) of section 18 of the Finance Act 1985 the prescribed rate shall be 6.25 per cent.

Tim WoodTim KirkhopeTwo of the Lords Commissioners of Her Majesty’s Treasury2nd March 1993

(This note is not part of the Order)

This Order reduces the prescribed rate of interest for the purposes of section 18 of the Finance Act 1985 (interest on tax etc. recovered or recoverable by assessment) from 7 per cent. to 6.25 per cent. with effect from 6th March 1993.