197 Setting of rates of interest
Finance Act 1996 (1996 c 8) | Legislation

Part VII Miscellaneous and Supplemental

Miscellaneous : indirect taxation

197  Setting of rates of interest

(1)     The rate of interest applicable for the purposes of an enactment to which this section applies shall be the rate which for the purposes of that enactment is provided for by regulations made by the Treasury under this section.

(2)     This section applies to—

[(a)     [paragraphs 7 and 8(1)] of Schedule 6 to the Finance Act 1994 (interest payable to the Commissioners of Customs and Excise in connection with air passenger duty);]

(b)     [sections 60(6), (7) and (8) of and] paragraphs 21 and 22 of Schedule 7 to that Act (interest on amounts of insurance premium tax and on amounts payable by the Commissioners in respect of that tax);

(c)     sections [74, 78 and 85A(2) and (3)] of the Value Added Tax Act 1994 (interest on VAT recovered or recoverable

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