http://www.legislation.gov.uk/ukpga/1999/16/section/18Finance Act 1999An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1999-08-05texttext/xmlenStatute Law Database2026-04-21Expert Participation2026-03-18 Finance Act 1999Sch. 17 para. 6 - 8 Sch. 19 Pt. 1-IIIFinance Act 1999s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note Part II181For section 77(2) of the Value Added Tax Act 1994 (time limits for assessments under section 76) there shall be substituted the following subsections—2Subject to subsection (5) below, an assessment under section 76 of an amount due by way of any penalty, interest or surcharge referred to in subsection (3) of that section may be made at any time before the expiry of the period of 2 years beginning with the time when the amount of VAT due for the prescribed accounting period concerned has been finally determined.2ASubject to subsection (5) below, an assessment under section 76 of a penalty under section 65 or 66 may be made at any time before the expiry of the period of 2 years beginning with the time when facts sufficient in the opinion of the Commissioners to indicate, as the case may be—athat the statement in question contained a material inaccuracy, orbthat there had been a default within the meaning of section 66(1),came to the Commissioners’ knowledge.2Subsection (1) above has effect in relation to any amount by way of penalty, interest or surcharge which becomes due on or after the day on which this Act is passed.1994 c.23. Pt. 2 excluded by 1990 c. 19, s. 61(3) (as substituted (11.2.2005) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2005 (S.I. 2005/82), regs. 1, 2(2))