[F1Interest on late paymentsU.K.
173W.—(1) Where the Commissioners fail to repay VAT to which a claimant is entitled to repayment under this Part before the expiry of the period described in regulation 173V, they must pay interest on that amount to the claimant for the applicable period.
(2) The “applicable period” is the period—
(a)beginning upon the expiry of the period described in regulation 173V, and
(b)ending on the day on which the Commissioners authorise the repayment to the claimant.
(3) Interest under this regulation shall be payable at the same rate as would have been payable if the Commissioners had been required to pay interest to the claimant pursuant to section 78 of the Act during the applicable period.
(4) Where—
(a)a claimant is requested to provide information or produce a document by a notice described in regulation 173R, and
(b)the claimant fails to provide the information or to produce the document within 1 month of receiving the notice,
the Commissioners shall not be liable to pay any interest under this regulation in respect of the VAT in relation to which the request was made even if the claimant provides the information or produces the document requested at a later time.
(5) The Commissioners shall not be liable to pay interest under this regulation during any period where a claimant has not provided to the Commissioners the documents described in regulation 173J that are required to be submitted at the same time as a repayment application in respect of supplies or importations described in regulation 173K.]
Textual Amendments
F1Regs. 173A-173X inserted (1.1.2010) by The Value Added Tax (Amendment) (No. 5) Regulations 2009 (S.I. 2009/3241), regs. 1, 12 (with reg. 18)