# The Finance Act 2021 (Increase in Schedule 26 Penalty Percentages) Regulations 2025, Regulation 1: Citation, commencement and effect


(1) These Regulations may be cited as the Finance Act 2021 (Increase in Schedule 26 Penalty Percentages) Regulations 2025.
(2) These Regulations come into force on 31st May 2025.
(3) These Regulations have effect in relation to a failure to pay the tax due where the specified date is on or after 31st May 2025, unless—
(a) the tax due is income tax or capital gains tax that is payable in respect of the tax year 2024-25 or an earlier tax year, or
(b) the tax due is value added tax that—
(i) is payable by reference to a prescribed accounting period that began before 1st April 2025, or
(ii) has been assessed under sections 80(4A) or 80B of the Value Added Tax Act 1994 (recovery of excess credit) in relation to value added tax payable by reference to a prescribed accounting period that began before 1st April 2025.
(4) In this regulation “prescribed accounting period” has the same meaning as in the Value Added Tax Act 1994.

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Source: https://www.legislation.gov.uk/uksi/2025/589/regulation/1 (the official version)
Page: https://openlegislation.uk/finance-act-2021-increase-in-schedule-26-penalty-percentages-regulations-2025/regulation-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.