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Statutory Instrument 2003 No. 123The Tax Credits (Interest Rate) Regulations 2003(The document as of February, 2008. Arhiv.Online Library) STATUTORY INSTRUMENTS2003 No. 123TAX CREDITSThe Tax Credits (Interest Rate) Regulations 2003
The Treasury, in exercise of the powers conferred upon them by sections 37(2) and (5), 65(1) and (8) and 67 of the Tax Credits Act 2002[1], hereby make the following Regulations: Citation and commencement 1.These Regulations may be cited as the Tax Credits (Interest Rate) Regulations 2003 and shall come into force on 18th February 2003. Interpretation 2. - (1) In these Regulations -
(b) in relation to any date after the first reference date after the coming into force of these Regulations, the reference rate found on the immediately preceding reference date;
(2) For the purposes of regulation 4(2) the reference rate found on a reference date is the percentage per annum found by averaging the base lending rates at close of business on that date of -
(b) Barclays Bank plc; (c) Lloyds Bank plc; (d) HSBC Bank plc; (e) National Westminster Bank plc; (f) The Royal Bank of Scotland plc, and, if the result is not a whole number, rounding the result to the nearest such number, with any result midway between two whole numbers rounded down.
Philip Woolas Nick Ainger Two of the Lords Commissioners of Her Majesty's Treasury 28th January 2003 (This note is not part of the Regulations) These Regulations prescribe a rate of interest on the whole or part of any overpayment of tax credit under the Tax Credits Act 2002 (c. 21) where the overpayment is attributable to fraud or neglect and the Board of Inland Revenue have decided that the whole or part of the overpayment should carry interest. The Regulations also prescribe a rate of interest on any penalty under sections 31 to 33 of the Tax Credits Act 2002 (penalties for incorrect statements, failure to comply with requirements, etc.). Regulation 1 provides for citation and commencement, and regulation 2 contains definitions. Regulation 3 specifies the matters in respect of which the rate of interest is to be prescribed as mentioned above, and regulation 4 prescribes the rate of interest in part by reference to a formula to be applied in certain circumstances. Notes: [1] 2002 c. 21. Section 67 is cited because of the meaning it ascribes to the word "prescribed".back [2] 1882 c. 61. Section 92 was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).back ISBN 0 11 044703 4 -- Back--
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