SCHEDULES
F1SCHEDULE 2 Value added tax: penalties etc.
Default surcharge
7
1
In subsection (5) of section 19 of the 1985 Act (specified percentages for default surcharge)—
a
at the end of paragraph (b) there shall be inserted “
and
”
, and
b
for paragraphs (c) and (d) there shall be substituted the following paragraph—
c
in relation to each such period after the second, the specified percentage is 15 per cent.
2
Sub-paragraph (1) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1993.
3
In section 19(5) of the 1985 Act (as amended by sub-paragraph (1) above), for paragraphs (a) to (c) there shall be substituted the following paragraphs—
a
in relation to the first such prescribed accounting period, the specified percentage is 2 per cent.;
b
in relation to the second such period, the specified percentage is 5 per cent.;
c
in relation to the third such period, the specified percentage is 10 per cent.;
d
in relation to each such period after the third, the specified percentage is 15 per cent.
4
Sub-paragraph (3) above shall apply in relation to any liability to a surcharge arising on or after 1st October 1993.
Sch. 2 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15