Paragraph 7 F1
Condition A is that repayment interest has been paid to the person F2in respect of an amount that is, or relates to, value added tax for a prescribed accounting period.
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.
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.
Annotations
Textual amendments
- F1
Sch. 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)
- F2
Words in Sch. 54A para. 7(1) substituted (with effect in accordance with s. 23(5) of the amending Act) by Finance (No. 2) Act 2024 (c. 12), s. 23(4)(b)
Notes on Schedule 54A
Textual amendments
- F1
Sch. 54A inserted (1.1.2023 for specified purposes) by Finance (No. 3) Act 2010 (c. 33), s. 25(2), Sch. 9 para. 12 (as amended by: 2014 c. 26, Sch. 4 paras. 14, 16, 17; S.I. 2014/2228, art. 2; 2016 c. 24, Sch. 8 para. 12, 17(1)(a); and 2017 c. 32, Sch. 6 paras. 15, 20, 21(1)(b)); S.I. 2022/1277, reg. 2(2)(d) (with reg. 3)
Notes on Part 2
Modifications
- C1
Sch. 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)))