Customs and Excise will pay interest on VAT errors
Customs and Excise will pay interest on VAT errors
- 1991
- HM Customs and Excise News Release no 58/91 1 August 1991 2 pages .
Since 25 July 1991, HM Customs and Excise is paying 12 per cent interest on incorrect VAT payments made as a result of Departmental error. Tax payers now have a statutory right under the Finance Act 1991 to claim interest as far back as the introduction of the tax in 1973. Gives full table of interest rates.
Since 25 July 1991, HM Customs and Excise is paying 12 per cent interest on incorrect VAT payments made as a result of Departmental error. Tax payers now have a statutory right under the Finance Act 1991 to claim interest as far back as the introduction of the tax in 1973. Gives full table of interest rates.