Finance Act 2021 (c. 26)

SCHEDULES

SCHEDULE 26 U.K. Penalties for failure to pay tax

Modifications etc. (not altering text)

C1 Sch. 26 modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 13A (as inserted by The Value Added Tax (Distance Selling) (Amendments) Regulations 2024 (S.I. 2024/128), regs. 1(1), 6(6) (with reg. 1(2)))

PART 2 U.K. Liability to a penalty

First penalty: effect of breaking time to pay agreement U.K.

7 (1) This paragraph applies where— U.K.

(a) the 15 day time to pay condition or the 30 day time to pay condition is met, and

(b) the person breaks the time to pay agreement by virtue of which the condition was met.

(2) If HMRC give the person notice that a penalty is payable under paragraph 5, a penalty is payable under that paragraph as if the condition in question had never been met.

Commencement Information

I1 Sch. 26 para. 7 in force at 1.1.2023 for specified purposes by S.I. 2022/1278, reg. 2(2)

I2 Sch. 26 para. 7 in force at 6.4.2024 for specified purposes by S.I. 2024/440, reg. 2(2)