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Textual Amendments
F1Sch. 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)))
5U.K.In this Part of this Schedule—
“assessment” has the same meaning as in paragraph 3 of Schedule 53;
“prescribed accounting period” has the same meaning as in VATA 1994;
“VAT credit” has the same meaning as in VATA 1994.
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.
8(1)This paragraph applies where there is a common period in relation to a person (see sub-paragraph (2)).U.K.
(2)A common period in relation to a person is any period during which—
(a)an amount of value added tax that carries late payment interest is due and payable by the person (“the overdue payment”), and
(b)an amount of VAT credit that carries repayment interest is payable to the person (“the VAT credit”).
(3)During the common period—
(a)the overdue payment is to be treated as carrying late payment interest only on the amount (if any) by which the overdue payment exceeds the VAT credit, and
(b)the VAT credit is to be treated as carrying repayment interest only on the amount (if any) by which the VAT credit exceeds the overdue payment.]
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