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Textual Amendments
F1Sch. 54A inserted (1.1.2023 for specified purposes) by Finance (No. 3) Act 2010 (c. 33), s. 25(2), Sch. 9 para. 12 (as amended by: 2014 c. 26, Sch. 4 paras. 14, 16, 17; S.I. 2014/2228, art. 2; 2016 c. 24, Sch. 8 para. 12, 17(1)(a); and 2017 c. 32, Sch. 6 paras. 15, 20, 21(1)(b)); S.I. 2022/1277, reg. 2(2)(d) (with reg. 3)
Textual Amendments
F2Sch. 54A Pt. 2 inserted (1.1.2023) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 4(3); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)
Modifications etc. (not altering text)
C1Sch. 54A Pt. 2 modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 11D (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)))
6U.K.Where each of conditions A to C is met, an amount of repayment interest that—
(a)has been paid to a person, but
(b)ought not to have been paid (see condition C),
may be recovered from the person as if it were late payment interest.
7(1)Condition A is that repayment interest has been paid to the person on a VAT credit for a prescribed accounting period.U.K.
(2)Condition B is that (whether or not a previous assessment has been made), an assessment or amendment of an assessment is made of the amount of value added tax payable by the person for that prescribed accounting period.
(3)Condition C is that as a result of the assessment or amendment of an assessment, it appears to HMRC that some or all of the repayment interest ought not to have been paid.]