SCHEDULES

SCHEDULE 11Penalty for failure to make payments on time

I15

1

Paragraph 3 (amount of penalty for occasional amounts and amounts due for periods of 6 months or more) is amended as follows.

2

Sub-paragraph (1) is amended as follows.

3

In paragraph (a), for “F1... F33B and 7 to 24” substitute “ F1... F33B, 6B, 7 to F211ZA and 12 to 24 ”.

4

In paragraph (b)—

a

for “item 2 or 4” substitute “ any of items 2, 4, 6A, 6C and 11A to 11M ”, and

b

omit the “and” at the end.

5

After paragraph (c) insert

, and

d

a payment of tax falling within item 6A which relates to a transitional period for the purposes of the annual accounting scheme.

6

After sub-paragraph (1) insert—

1A

In sub-paragraph (1)(d), a transitional period for the purposes of the annual accounting scheme is a prescribed accounting period (within the meaning of section 25(1) of VATA 1994) which—

a

ends on the day immediately preceding the date indicated by the Commissioners for Her Majesty's Revenue and Customs in a notification of authorisation under regulation 50 of the Value Added Tax Regulations 1995 (S.I. 1995/2518) (admission to annual accounting scheme), or

b

begins on the day immediately following the end of the last period of 12 months for which such an authorisation has effect.