HC Deb 06 December 1994 vol 251 c266

Resolved, That—

  1. (1) In section 67 of the Value Added Tax Act 1994 in subsection (4) (the specified percentage)—
    1. (a) in paragraph (a) for "10 per cent." there shall be substituted "5 per cent.";
    2. (b) in paragraph (b) for "20 per cent." there shall be substituted "10 per cent"; and
    3. (c) in paragraph (c) for "30 per cent." there shall be substituted "15 per cent."
  2. (2) Section 15(3A) of the Finance Act 1985 shall have effect subject to the amendments made by paragraph (1) above.
  3. (3) Subject to paragraph (4) below, paragraphs (1) and (2) above shall apply where a penalty is assessed on or after 1st January 1995.
  4. (4) Paragraphs (1) and (2) above shall not apply in the case of a supplementary assessment if the original assessment was made before 1st January 1995.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.