Section 69(5)

Where the failure referred to in subsection (1) above consists— the prescribed rate shall be whichever is the greater of that which is appropriate under subsection (3)(a) to (c) above and an amount equal to one-sixth, one-third or one-half of 1 per cent. of the VAT due in respect of that period, the appropriate fraction being determined according to whether subsection (3)(a), (b) or (c) above is applicable. in not paying the VAT due in respect of any period within the time required by regulations under section 25(1), or in not furnishing a return in respect of any period within the time required by regulations under paragraph 2(1) of Schedule 11,

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