
1 
This Order may be cited as the Income Tax (Interest on Unpaid Tax and Repayment Supplement) (No. 2) Order 1988 and shall come into force on 6th August 1988.
2 
The prescribed rate of interest for the purposes of each of the provisions set out in the Table below shall be 9.75 per cent. per annum.

 Section 8 of the Finance (No. 2) Act 1947(unpaid profits tax, excess profits tax and excess profits levy)
 Paragraph 10(1) of Schedule 7 to the Finance Act 1960(unpaid profits tax recovered to make good loss due to taxpayer’s fault)
 Sections 86, 86A, 87and 88of the Taxes Management Act 1970 (unpaid income tax, surtax, capital gains tax, corporation tax, including advance corporation tax, development land tax, and overpaid development land tax)
 Paragraph 15(1) of Schedule 2 to the Oil Taxation Act 1975(unpaid petroleum revenue tax)

3 
The prescribed rate of interest for the purposes of section 47(1) of the Finance (No. 2) Act 1975and sections 824(1) and 825(2) of the Income and Corporation Taxes Act 1988 (supplement in respect of repayments of certain taxes) shall be 9.75 per cent. per anum.
Michael Neubert
Mark Lennox-Boyd
Two of the Lords Commissioners of Her Majesty’s Treasury
25th July 1988