57. Late payment interest (value added tax)

That—

(1) In the Finance Act 2009, Sections 101 and 102 (Value Added Tax) (Late Payment Interest and Repayment Interest) (Exceptions and Consequential Amendments) Order 2022 (S.I. 2022/1298), in Part 2 (exceptions), before article 2 insert—

1A—(1) Section 101 of the Finance Act 2009 (late payment interest on sums due to HMRC) does not apply to annual accounting scheme instalments.

(2) In paragraph (1) “annual accounting scheme instalment” means an amount payable to HMRC by virtue of regulation 50(2)(a) of the VAT Regulations.”

(2) In Part 2 of Schedule 53 to the Finance Act 2009 (late payment interest start date), after paragraph 11 insert—

11ZA (1) This paragraph applies to any amount of value added tax which is due and recoverable from a person by virtue of—

(a) section 73(9) of the Value Added Tax Act 1994, in relation to an amount assessed and notified to the person under subsection (2) of that section, or

(b) section 80C(1) of that Act.

(2) The late payment interest start date in respect of that amount is the date on which HMRC paid or credited that amount to the person.”

(3) Where, ignoring this paragraph, the late payment interest start date in respect of an amount would, by virtue of paragraph 11ZA of that Schedule (as inserted by paragraph (2)), fall before 15 March 2023, the late payment interest start date in respect of that amount is instead 15 March 2023.

(4) This Resolution comes into force on 15 March 2023.

And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.