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- Point in Time (10/03/1992)
- Original (As enacted)
Version Superseded: 16/03/1992
Point in time view as at 10/03/1992. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 1992, Cross Heading: Value added tax.
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Valid from 16/03/1992
(1)In the M1Value Added Tax Act 1983 the following section shall be inserted after section 38B—
(1)The Treasury may make an order under this section if they consider it desirable to do so in the interests of the national economy.
(2)An order under this section may provide that a taxable person of a description specified in the order shall be under a duty—
(a)to pay, on account of any tax he may become liable to pay in respect of a prescribed accounting period, amounts determined in accordance with the order, and
(b)to do so at such times as are so determined.
(3)Where an order is made under this section, the Commissioners may make regulations containing such supplementary, incidental or consequential provisions as appear to the Commissioners to be necessary or expedient.
(4)A provision of an order or regulations under this section may be made in such way as the Treasury or, as the case may be, the Commissioners think fit (whether by amending provisions of or made under the enactments relating to tax, or otherwise).
(5)An order or regulations under this section may make different provision for different circumstances.”
(2)In section 45(4) of that Act (orders subject to Commons approval) in paragraph (a) after “3(4)” there shall be inserted “ or 38C ”.
Marginal Citations
Valid from 16/03/1992
(1)In section 14(1) of the M2Finance Act 1985 (penalty equal to 20 per cent. of tax lost imposed for serious misdeclaration or neglect resulting in understatements or overclaims), for “20 per cent.” there shall be substituted “ 15 per cent. ”
(2)In section 19(5) of that Act (specified percentages for default surcharge), for the words from “and” at the end of paragraph (b) to the end of the subsection there shall be substituted—
“(c)in relation to the third such period, the specified percentage is 15 per cent.; and
(d)in relation to each such period after the third, the specified percentage is 20 per cent.”
(3)Subject to subsection (4) below, subsection (1) above shall apply where a penalty is assessed after 10th March 1992 in relation to a prescribed accounting period beginning on or after 1st April 1990.
(4)Subsection (1) above shall not apply in the case of a supplementary assessment if the original assessment was made on or before 10th March 1992.
(5)Subsection (2) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1992.
Marginal Citations
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