Paragraph 12E F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 54 para. 9D repealed by Finance Act 2012 Sch. 39 para. 28(1)
Sch. 54 para. 9B 9C and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 11
Sch. 54 para. 12A 12B and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 19
Sch. 54 Pt. A1 inserted by Finance (No. 3) Act 2010 Sch. 9 para. 10
Sch. 54 coming into force by Finance Act 2009, Sections 101 and 102 (Carbon Border Adjustment Mechanism) (Interest) (Appointed Day) 2026 art. 2

(1)

An amount of VAT credit does not carry interest for any period during which—

(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 F24(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.

Annotations

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)
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)

Notes on Schedule 54

Commencement

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

I22

Sch. 54 in force at 21.5.2026 for specified purposes by S.I. 2026/552, art. 2

Notes on Part 2A

Modifications

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)))