The Taxes (Interest Rate) (Amendment No. 3) Regulations 1993
These Regulations amend the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297). They insert two additional regulations which specify the interest rate applicable under section 178 of the Finance Act 1989 in relation to overdue corporation tax and to tax overpaid (section 87A of the Taxes Management Act 1970 and section 826 of the Income and Corporation Taxes Act 1988 respectively). The additional inserted regulations also make provision for changes in the interest rate applicable, and for the formula to be used in calculating the new rate.