Paragraph 7 I1I2I3I4I5
This paragraph applies where—
the 15 day time to pay condition or the 30 day time to pay condition is met, and
the person breaks the time to pay agreement by virtue of which the condition was met.
If HMRC give the person notice that a penalty is payable under paragraph 5, a penalty is payable under that paragraph as if the condition in question had never been met.
Annotations
Commencement
- I1
Sch. 26 para. 7 in force at 1.1.2023 for specified purposes by S.I. 2022/1278, reg. 2(2)
- I2
Sch. 26 para. 7 in force at 6.4.2024 for specified purposes by S.I. 2024/440, reg. 2(2)
- I3
Sch. 26 para. 7 in force at 12.11.2024 for specified purposes by S.I. 2024/1132, reg. 2
- I4
Sch. 26 para. 7 in force at 28.3.2025 for specified purposes by S.I. 2025/399, reg. 2
- I5
Sch. 26 para. 7 in force at 1.4.2026 for specified purposes by S.I. 2026/370, reg. 3(2)
Notes on Schedule 26
Modifications
- C1
Sch. 26 modified (1.3.2024) by 1994 c. 23, Sch. 9ZF para. 13A (as inserted by The Value Added Tax (Distance Selling) (Amendments) Regulations 2024 (S.I. 2024/128), regs. 1(1), 6(6) (with reg. 1(2)))
- C2
Sch. 26 applied (1.4.2026) by S.I. 2009/470, reg. 36(2) (as inserted by The Education (Student Fees, Awards, Support and Loan Repayments) (Amendment) Regulations 2026 (S.I. 2026/130), regs. 1(4), 34(b))