I move Financial Resolution No. 14:
(1) THAT, as respects the year of assessment 1992-93 and subsequent years of assessment, section 8 (as amended by the Finance Act, 1989 (No. 10 of 1989)) of the Finance Act, 1982 (No. 14 of 1982), be amended in subsection (1) by the substitution, in the definition of "the specified rate", of "11 per cent." for "10 per cent." in each place where it occurs, and of "15 per cent." for "12 per cent.".
(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).
This resolution increases the "specified rates" against which the benefit to the employees of a preferential loan from an employer is calculated for tax purposes.
The specified rate for mortgage loans is being increased from 10 per cent to 11 per cent and the rate for other loans is being increased from 12 per cent to 15 per cent.
The new rates will apply from 6 April 1992.