[F1PART 2AU.K.VAT: special provision as to period for which amount carries interest
Textual Amendments
F1Sch. 54 Pt. 2A inserted (1.1.2023 for specified purposes) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 3(3); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)
Modifications etc. (not altering text)
C1Sch. 54 Pt. 2A modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 11C (as inserted by The Value Added Tax (Distance Selling) (Amendments) Regulations 2024 (S.I. 2024/128), regs. 1(1), 6(4) (with reg. 1(2)))
12DU.K.In this Part of this Schedule—
“prescribed accounting period” has the same meaning as in VATA 1994;
“relevant VAT return” means the VAT return for the prescribed accounting period to which the VAT credit relates;
“VAT credit” has the same meaning as in VATA 1994;
“VAT return” means a return required to be made by regulations under VATA 1994.
12E(1)An amount of VAT credit does not carry interest for any period during which—U.K.
(a)a VAT return required to be made on or before the date on which the relevant VAT return is made has not been made, or
(b)there is a failure to comply with a requirement imposed under paragraph [F24(1A)] of Schedule 11 to VATA 1994 F3... giving of security).
(2)The period referred to in sub-paragraph (1)(b)—
(a)begins on the date when written notice requiring F4... the giving of security is given by HMRC, and
(b)ends on the date when HMRC receive F5... the required security.]
Textual Amendments
F2Words in Sch. 54 para. 12E(1)(b) substituted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(2)(a)(4); S.I. 2022/1277, reg. 2(2)(a)
F3Words in Sch. 54 para. 12E(1)(b) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(2)(b)(4); S.I. 2022/1277, reg. 2(2)(a)
F4Words in Sch. 54 para. 12E(2)(a) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(3)(a)(4); S.I. 2022/1277, reg. 2(2)(a)
F5Words in Sch. 54 para. 12E(2)(b) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(3)(b)(4); S.I. 2022/1277, reg. 2(2)(a)