SCHEDULES
C1SCHEDULE 18Serial tax avoidance
Annotations:
Modifications etc. (not altering text)
PART 5Penalty
Value of counteracted advantage: delayed VAT
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
Sch. 18 modified (17.12.2020 for specified purposes, 31.12.2020 in so far as not already in force) by 1994 c. 23, Sch. 9ZA para. 79 (as inserted by Taxation (Post-transition Period) Act 2020 (c. 26), s. 11(1)(e), Sch. 2 para. 2 (with s. 3(4), Sch. 2 para. 7(7)-(10)); S.I. 2020/1642, reg. 9)