Finance Act 2011

Amendment of Part 8 (annual payments, charges and interest) of Principal Act.

30.— (1) Part 8 of the Principal Act is amended—

(a) in section 256(1) in the definition of “appropriate tax”—

(i) in paragraph (a) by substituting “27 per cent” for “25 per cent”,

(ii) in paragraph (b) by substituting “27 per cent” for “25 per cent”, and

(iii) in paragraph (c) by substituting “30 per cent” for “28 per cent”,

and

(b) in section 267B—

(i) in subsection (2)(b) by substituting “27 per cent” for “25 per cent”, and

(ii) in subsection (3)(b) by substituting “27 per cent” for “25 per cent”.

(2) This section applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after 1 January 2011.