Clause 3 - Credit for, or repayment of, overstated or overpaid VAT
Finance Bill
11:00 am
Richard Spring (Shadow Minister, Treasury; West Suffolk, Conservative)
I beg to move amendment No. 61, in clause 3, page 5, line 8, leave out 'relevant date' and insert
'last day of the month next following the end of the next prescribed accounting period'.
The amendment seeks to tie the rules in the normal three-year time limit for VAT in respect of claims and assessments: that is, three years from the day that the relevant VAT return should be submitted, being a month after the end of the accounting period. At present the clause runs for three years after the period ends.