# Finance Act 2016, Paragraph 37


(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.
(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—
“(d) 25% of the amount of the delayed VAT for each year of the delay, or
(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,
or, if less, 100% of the amount of the delayed VAT ”.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/18/paragraph/37 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-18/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.