SCHEDULES

SCHEDULE 54Repayment interest

Part 2Special provision as to repayment interest start date

F1VAT payments on account

12C

(1)

This paragraph applies in the case of a repayment of the amount by which—

(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.