Income Tax and Pre-Owned Assets
The prescribed rate decreased from 6.25 per cent to 4.75 per cent on 1 March 2009. The prescribed rate ofinterest 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.
Full details are available at http://www.hmrc.gov.uk/ poa/poa_news.htm