repayment supplement

Normally, the 30 day repayment supplement clock will start on the day that a return is received.

Following a recent court decision, businesses may be eligible to claim repayment supplements to which they were previously considered not to be entitled.

You will not receive repayment supplement if:

At the moment, an overpayment of tax, once it attracts repayment supplement, produces a quite reasonable tax free 'investment' return.

Corporation tax that is repaid as a result of a carry back of ACT will not generally give rise to a repayment supplement.

Where applicable, repayment supplements will be paid for repayment claims made on a VAT return.

Then it is noticeable that existing legislation is restrictive of the extent to which interest on overpaid tax (described as 'repayment supplement') may be recovered.

Customs are reviewing the VAT repayment supplement regime and are seeking views from all interested parties.

Repayment Supplement - supplement paid automatically if a repayment due from a VAT return takes longer than a net total of 30 days.

If certain conditions are met and a repayment supplement is due, it will be paid automatically, directly into your bank account, when HMRC authorises payment of your return.

You can find further information in Notice 700/58 Treatment of VAT repayment returns and VAT repayment supplement.

This generally means that the repayment supplement will only arise if the 'surplus ACT' was repaid more than 21 months after the end of the accounting period producing the surplus.

A business is entitled to a repayment supplement where a repayment claimed on a VAT return is not made within 30 days of that return being received by Customs.

However, as the amending legislation does not have retrospective effect, traders who, under the High Court interpretation, would have been eligible for a repayment supplement are invited to apply for that supplement.

Repayment supplement is a form of compensation paid in certain circumstances when we do not authorise payment of a legitimate claim within 30 net days of the receipt of the VAT return.

Revised interest factor tables used as ready reckoners by tax offices to calculate repayment supplement and interest on overdue tax have been published by the Inland Revenue to take the revised interest rate into account.

If you have a legitimate claim for repayment but HMRC doesn't authorise your repayment within 30 calendar days of receiving your VAT return, you may be due compensation, known as repayment supplement.

Treatment of VAT repayment returns and VAT repayment supplement VAT Notice 700/58: If Customs take more than 30 days to send you your VAT repayment they may pay you an additional 5 per cent supplement.