Revenue Note for Guidance

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Revenue Note for Guidance

114A. Interest payable in certain circumstances


This section provides for interest payable by persons who are not accountable persons.


(1) Subsection (1) provides that where a person obtains a refund of VAT under an order under section 103 and where that VAT was not properly refundable, the person will be liable to interest on the amount refunded from the date the refund was made. The rate of interest is 0.0274% per day.

(2) Subsection (2) provides that where an assessment is raised to recover an amount refunded under a refund order interest will apply from the period to which the assessment relates.

Relevant Date: Finance Act 2020