Modifications etc. (not altering text)
C1Sch. 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)))
8(1)A penalty is payable under this paragraph if any amount of the tax due is unpaid at the end of the 30 day period.U.K.
(2)The amount of the penalty is calculated by applying the penalty rate, during the further penalty period, to so much of the tax due as is from time to time unpaid.
(3)The penalty rate is 4% per annum.
(4)The further penalty period is the period—
(a)beginning with the day after the last day of the 30 day period, and
(b)ending with the day on which the tax due is paid in full.
(5)But if a time to pay agreement has effect during the further penalty period, the further penalty period does not include the period—
(a)beginning with the relevant day, and
(b)ending with the day on which the tax due is paid in full,
(but see paragraph 9).
(6)The relevant day is the day on which the person makes the proposals to HMRC for paying the tax due, as a result of which the time to pay agreement is made.
Commencement Information
I1Sch. 26 para. 8 in force at 1.1.2023 for specified purposes by S.I. 2022/1278, reg. 2(2)
I2Sch. 26 para. 8 in force at 6.4.2024 for specified purposes by S.I. 2024/440, reg. 2(2)