{
  "url": "https://openlegislation.uk/finance-act-2016/schedule-18/paragraph-37",
  "json_url": "https://openlegislation.uk/finance-act-2016/schedule-18/paragraph-37.json",
  "legislation": "ukpga/2016/24",
  "legislation_title": "Finance Act 2016",
  "legislation_url": "https://openlegislation.uk/finance-act-2016",
  "path": "schedule/18/paragraph/37",
  "kind": "paragraph",
  "number": "37",
  "heading": null,
  "text": "(1) Sub-paragraph (3) of paragraph 36 has effect as follows so far as the tax advantage which is counteracted as mentioned in that sub-paragraph is in the nature of a delay in relation to the person's obligations with respect to VAT.\n(2) That sub-paragraph has effect as if for “the amount by which X exceeds Y is a counteracted tax advantage” there were substituted, “there is a counteracted tax advantage of—\n“(d) 25% of the amount of the delayed VAT for each year of the delay, or\n(e) a percentage of the amount of the delayed VAT, for each separate period of delay of less than a year, equating to 25% per year,\nor, if less, 100% of the amount of the delayed VAT ”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2016/24/schedule/18/paragraph/37",
    "retrieved_at": "2026-10-29T09:06:05.350093+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}