SCHEDULE 29 Late Payment Interest and Repayment Interest: VAT
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 29 Late Payment Interest and Repayment Interest: VAT

Section 120

1

FA 2009 is amended as follows.

2

In section 102(4) (repayment interest on sums to be paid by HMRC)—

(a)     omit the “and” at the end of paragraph (a);

(b)     after paragraph (a) insert—

“(aa)     Part 2A makes special provision as to the period for which an amount of VAT credit carries interest, and”.

3

(1)     Schedule 54 (repayment interest) is amended as follows.

(2)     In Part 2, after paragraph 12B insert—

“VAT 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

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Notice of assignment

notice of [assignment OR transfer]To: [insert name of landlord][of [insert address] OR whose registered office is at [insert address] Company number [insert number]][and][To: [insert name of head landlord]][of [insert address] OR whose registered office is at [insert address] Company number [insert

LEXISNEXIS

Common assault and battery

Common assault and batteryThe offences of common assault and batteryTechnically, the offences of assault and battery are separate summary offences. An assault is committed when the defendant intentionally or recklessly causes another to apprehend immediate and unlawful violence and battery is

LEXISNEXIS

Resulting trusts

Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive and implied trusts, although it is perhaps doubtful whether there is any form of implied trust which is not in fact either a resulting trust or a

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages