Finance Act 2009

[F1 VAT payments on account U.K.

Textual Amendments

F1 Sch. 54 para. 12C and cross-heading inserted (1.1.2023) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 3(2); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)

12C (1) This paragraph applies in the case of a repayment of the amount by which— U.K.

(a) the total amount of payments on account made in respect of a prescribed accounting period, exceeds

(b) the amount of VAT payable in respect of that accounting period.

(2) The repayment interest start date is the date on which the VAT return for the prescribed accounting period is due.

(3) In this paragraph—

• “payment on account” means a payment on account required under section 28 of VATA 1994;

• “prescribed accounting period” has the same meaning as in VATA 1994;

• “VAT return” means a return required to be made by regulations under VATA 1994.]