Value Added Tax Act 1994 section 24

Assessments: consequential modifications

Section 24 ensures that certain assessment-related provisions of the VAT Act are read consistently with the modified meaning of "prescribed accounting periods" introduced by paragraphs 22 and 23 of Schedule 9ZD.

• References to prescribed accounting periods in sections 74, 76 and 77 of the VAT Act must be read using the modified definitions set out in paragraphs 22 and 23.
• Section 74, which deals with interest on VAT recovered or recoverable by assessment, is affected by this modification.
• Section 76, which covers assessments 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, is also subject to the same modified reading.