Schedule 13, Group 4A, item 15(4)

In relation to any prescribed accounting period beginning before 1st June 1994 section 63 shall have effect with the substitution for subsection (3) of the following subsection— Any reference in this section to the VAT for a prescribed accounting period which would have been lost if an inaccuracy had not been discovered is a reference to the aggregate of— but if for any period there is an understatement of credit for input tax or an overstatement of output tax, allowance shall be made for that error in determining the VAT for that period which would have been so lost. the amount (if any) by which credit for input tax for that period was overstated; and the amount (if any) by which output tax for that period was understated;

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Source: legislation.gov.uk · retrieved 2026-07-28