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Penalty Reform for VAT
13 January 2022
Type
Written Ministerial Statement
Department
Treasury
At a Glance
Issue Summary
The statement addresses the reform of VAT penalties and interest charges.
Action Requested
I am announcing that the reforms for VAT businesses will now be implemented on 1 January 2023, nine months later than initially planned, to ensure well-tested systems and good customer service.
Key Facts
- The Finance Act 2021 legislated to reform penalties for late submission and payment of tax from April 1, 2022.
- HMRC is committed to being a digitally advanced tax authority.
- The reforms will be introduced on January 1, 2023.
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