Orders of the Day — Rate of Interest on Overdue Tax

– in the House of Commons at 12:00 am on 11th April 1967.

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Motion made, and Question,

25. That the rate of interest charged under section 495 of the Income Tax Act 1952, and section 58 of the Finance Act 1960 which, as extended by other Acts, apply for the purposes of income tax, corporation tax and capital gains tax, and the rate of interest charged under section 8 of the Finance (No. 2) Act 1947 and paragraph 10(1) of Schedule 7 to the Finance Act 1960 (profits tax, excess profits tax and excess profits levy) shall be 4 per cent. per annum or such other rate as the Treasury may from time to time prescribe in all or any cases, and that the rate of 4 per cent. may be charged for any period beginning on or after 19th April, 1967, whether or not interest runs from before that date.—[Mr. Callaghan.]

put and agreed to.