Value Added Tax Act 1994 section 18

Assessments: consequential modifications

Section 18 ensures that certain VAT assessment provisions are read consistently with the modified meaning of "prescribed accounting periods" introduced by paragraphs 16 and 17 of Schedule 9ZE.

• References to prescribed accounting periods in sections 74, 76 and 77 of VATA 1994 must be interpreted in line with the modifications made by paragraphs 16 and 17.
• Section 74, which deals with interest charged on VAT recovered or recoverable by assessment, is affected by these modified references.
• Section 76, covering assessment of amounts due by way of penalty, interest or surcharge, is similarly affected.
• Section 77, which sets out time limits for assessments and supplementary assessments, must also be read with the modified accounting period references.