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Where Taxpayers and Advisers Meet
Pre-owned assets interest rate reduced
02/03/2009, by Sarah Laing, Tax News - Income Tax
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HMRC have announced a cut in the interest rate used to work out tax due under the pre-owned assets regime.

The prescribed rate decreased from 6.25 per cent to 4.75 per cent on 1 March 2009.

The prescribed rate is the official rate of interest used to calculate the chargeable amount for income tax, at the valuation date, where the benefit arises from either chattels or intangible property. The official rate of interest has the meaning given in section 181 of the Income Tax (Earnings and Pensions) Act 2003.

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

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