Made under the Finance Act 1996
2 statutory instruments made using powers in the Finance Act 1996, newest first. Each one is explained section by section in plain English.
The Alcoholic Products (Repayment Interest Rate) (Alcohol Duty) Regulations 2025
- Department: HM Treasury
- Made under: Finance Act 1996
The 2025 regulations established a repayment interest rate for alcohol duty, calculated based on the Bank of England rate, effective from September 1st, 2025.
The Alcoholic Products (Repayment Interest Rate) (Alcohol Duty) Regulations 2025, effective September 1st, 2025, establish a repayment interest rate for alcohol duty based on the Bank of England rate.
The rate is calculated as the higher of 0.5% per annum or the Bank of England rate minus 1%, with an initial rate determined by the Bank of England rate on or before August 21st, 2025.
Any rate changes apply retroactively to interest accrued before the effective date.
These regulations aim to ensure fairness and transparency in alcohol duty repayments.
The Taxes and Duties, etc (Interest Rate) (Amendment) Regulations 2025
- Department: HM Treasury
- Made under: Finance Act 1989, Finance Act 1996, Finance Act 2009, Taxation (Cross-border Trade) Act 2018
The 2025 regulations amended multiple existing tax regulations, increasing the interest rate payable to HMRC on outstanding tax liabilities.
The Taxes and Duties, etc (Interest Rate) (Amendment) Regulations 2025 amend several existing regulations to increase the interest rate on unpaid taxes owed to HMRC. The changes affect various tax areas, including income tax, air passenger duty, and customs duties, raising the interest rate by 1.5% in each affected area.
The regulations came into force on April 6, 2025, and are supported by prior legislation.