Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 54 U.K. Repayment interest

Commencement Information

I1 Sch. 54 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2

I2 Sch. 54 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(c)

I3 Sch. 54 in force at 31.10.2011 for specified purposes by S.I. 2011/701, art. 3(2) (with art. 4)

I4 Sch. 54 in force at 1.2.2013 for specified purposes by S.I. 2013/67, art. 2

I5 Sch. 54 in force at 1.10.2013 for specified purposes by S.I. 2013/2472, art. 2

I6 Sch. 54 in force at 6.5.2014 for specified purposes by S.I. 2014/992, art. 3(2)

I7 Sch. 54 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 4(1) (with art. 4(2))

I8 Sch. 54 in force at 1.1.2015 for specified purposes by S.I. 2014/3324, art. 3

I9 Sch. 54 in force at 1.4.2015 for specified purposes by S.I. 2015/974, art. 2

I10 Sch. 54 in force at 6.4.2018 for specified purposes by S.I. 2018/468, art. 2(a)

I11 Sch. 54 in force at 6.4.2019 for specified purposes by 2019 c. 1, Sch. 2 para. 31

I12 Sch. 54 in force at 1.6.2019 for specified purposes by S.I. 2019/918, art. 2

I13 Sch. 54 in force at 1.6.2019 for specified purposes by S.I. 2019/921, art. 2

I14 Sch. 54 in force at 6.9.2019 for specified purposes by S.I. 2019/1238, art. 2 (with art. 3)

I15 Sch. 54 in force at 5.10.2020 for specified purposes by S.I. 2020/979, art. 3(2)

I16 Sch. 54 in force at 6.4.2021 for specified purposes by S.I. 2021/445, reg. 2

Sch. 54 in force at 6.4.2021 for specified purposes by 2020 c. 14, Sch. 1 para. 29 (with Sch. 1 paras. 30-34)

Sch. 54 in force retrospectively at 6.4.2021 for specified purposes by 2022 c. 3, Sch. 10 para. 29

I17 Sch. 54 in force at 1.4.2022 for specified purposes by S.I. 2021/1409, reg. 2(a)

I18 Sch. 54 in force at 1.1.2023 for specified purposes by S.I. 2022/1277, reg. 2(2)(b) (with reg. 3)

I19 Sch. 54 in force at 1.5.2023 for specified purposes by S.I. 2023/385, art. 2

I20 Sch. 54 in force at 30.9.2023 for specified purposes by S.I. 2023/997, art. 2

I21 Sch. 54 in force at 4.3.2024 for specified purposes by S.I. 2024/133, art. 2

[F1 PART 2A U.K. VAT: special provision as to period for which amount carries interest

Textual Amendments

F1 Sch. 54 Pt. 2A inserted (1.1.2023 for specified purposes) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 3(3); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)

Modifications etc. (not altering text)

C1 Sch. 54 Pt. 2A modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 11C (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)))

12D U.K. In this Part of this Schedule—

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

• “relevant VAT return” means the VAT return for the prescribed accounting period to which the VAT credit relates;

• “VAT credit” has the same meaning as in VATA 1994;

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

12E (1) An amount of VAT credit does not carry interest for any period during which— U.K.

(a) a VAT return required to be made on or before the date on which the relevant VAT return is made has not been made, or

(b) there is a failure to comply with a requirement imposed under paragraph [F2 4(1A)] of Schedule 11 to VATA 1994 F3 ... giving of security).

(2) The period referred to in sub-paragraph (1)(b)—

(a) begins on the date when written notice requiring F4 ... the giving of security is given by HMRC, and

(b) ends on the date when HMRC receive F5 ... the required security.]

Textual Amendments

F2 Words in Sch. 54 para. 12E(1)(b) substituted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(2)(a)(4); S.I. 2022/1277, reg. 2(2)(a)

F3 Words in Sch. 54 para. 12E(1)(b) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(2)(b)(4); S.I. 2022/1277, reg. 2(2)(a)

F4 Words in Sch. 54 para. 12E(2)(a) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(3)(a)(4); S.I. 2022/1277, reg. 2(2)(a)

F5 Words in Sch. 54 para. 12E(2)(b) omitted (retrospective to 1.1.2023 immediately after 2021 c. 26, Sch. 29 comes into force) by Finance (No. 2) Act 2023 (c. 30), s. 336(3)(b)(4); S.I. 2022/1277, reg. 2(2)(a)