The Alcoholic Products (Repayment Interest Rate) (Alcohol Duty) Regulations 2025
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Change 1
2 Interpretation
In these Regulations— “alcohol duty” has the meaning given in section 47 of the Finance (No. 2) Act 2023 (alcohol duty: charge); “Bank of England rate” means the official bank rate as announced at the relevant meeting; “operative date” means the 13th working day following the relevant meeting; “relevant meeting” means the most recent meeting of the Monetary Policy Committee of the Bank of England; “repayment interest rate” means the rate of interest applicable for the purposes of Parts 2 and 3 of Schedule 3 to the Finance Act 2001 (interest payable on repayments etc.) for the purposes of alcohol duty; “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day that is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom.
2 Interpretation
In these Regulations— “alcohol duty” has the meaning given in section 47 of the Finance (No. 2) Act 2023 (alcohol duty: charge); “Bank of England rate” means the official bank rate as announced at the relevant meeting; “operative date” means the 13th working day following the relevant meeting; “relevant meeting” means the most recent meeting of the Monetary Policy Committee of the Bank of England; “repayment interest rate” means the rate of interest applicable for the purposes of Parts 2 and 3 of Schedule 3 to the Finance Act 2001 (interest payable on repayments etc.) for the purposes of alcohol duty; “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day that is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom.
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