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, andâ€.

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

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