Statutory Instrument 1992 No. 1536

The Value Added Tax (Payments on Account) Regulations 1992

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1992 No. 1536

VALUE ADDED TAX

The Value Added Tax (Payments on Account) Regulations 1992

The Commissioners of Customs and Excise, in exercise of the powers conferred on them by sections 38C(3), (4) and (5) and 48(1) of the Value Added Tax Act 1983^[1] and of all other powers enabling them in that behalf, hereby make the following Regulations:

    1.    These Regulations may be cited as the Value Added Tax (Payments on Account) Regulations 1992 and shall come into force on 1st August 1992.

    2.    In these Regulations "payments on account" means such payments as are referred to in article 3 of the Value Added Tax (Payments on Account) Order 1992^[2].

    3.    The Commissioners shall notify in writing a taxable person who is required to pay payments on account of:
 (a) the amounts that he is required to pay;
 (b) how those amounts have been calculated; and
 (c) the times for payment of those amounts.

    4.    If in respect of a prescribed accounting period the total amount of the payments on account paid by the taxable person exceeds the amount of the output tax due from him, then, the amount of the excess shall be paid to him by the Commissioners if and to the extent that it is not liable to set-off under section 21 of the Finance Act 1988^[3].

    5.    Where a taxable person is required to pay a payment on account but he fails to do so by the last day on which he is so required, that payment on account shall be recoverable as if it were tax due from him.

E. Woods

Commissioner of Customs and Excise
New King's Beam House 22 Upper Ground, London SE1 9PJ

29th June 1992

These Regulations contain provisions supplementary to the Value Added Tax (Payments on Account) Order 1992 (S.I. 1992/1510). They provide for—
(a) notification to a taxable person who is required to pay payments on account under the Order (regulation 3),

(b) payment of the excess to a taxable person where the payments on account paid in respect of a period exceed the output tax due (regulation 4), and

(c) recovery of payments on account (regulation 5).

[1] 1983 c. 55; section 38C was inserted by section 6 of the Finance Act 1992 (c. 20); section 48(1) defines "the Commissioners" as meaning the Commissioners of Customs and Excise and "regulations" as meaning regulations made by the Commissioners. back

[2] S.I. 1992/1510. back

[3] 1988 c. 39. back