Period for which interest is due

Commentary on the period for which interest under VATA 1994, s. 78 is due is at ¶60-685.

Interest under s. 78 paid due to ‘official error’

In certain circumstances, HMRC must pay interest to a taxpayer on incorrect VAT payments made as a result of their error, such as where a taxpayer reasonably relied on specific written advice given by HMRC to him or on general advice in a HMRC publication (VATA 1994, s. 78). This is often known as ‘statutory interest’ (SI).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.