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Statutory Instruments
1999 No. 825
INCOME TAX
The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1999
Made
16th March 1999
Laid before the House of Commons
16th March 1999
Coming into force
6th April 1999
The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 566(1) of the Income and Corporation Taxes Act 1988(1), hereby make the following Regulations:
1. These Regulations may be cited as the Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1999 and shall come into force on 6th April 1999.
2. In regulation 9(2) of the Income Tax (Sub-contractors in the Construction Industry) Regulations 1993(2) for "£600" there shall be substituted "£1000".
S C T Matheson
G H Bush
Two of the Commissioners of Inland Revenue
16th March 1999
Explanatory Note
(This note is not part of the Regulations)
Regulation 9 of the Income Tax (Sub-contractors in the Construction Industry) Regulations 1993 (S.I. 1993/743) ("the Sub-contractor Regulations") enables a contractor to account to the collector for amounts which he was liable to deduct from payments to sub-contractors in the construction industry made by him in any quarterly period in a year of assessment within 14 days of the end of that quarterly period, rather than having to account within 14 days of the end of any income tax month for amounts which he was liable to deduct from payments made in that month. The contractor may only account on a quarterly basis if he has reasonable grounds for believing that the average monthly total amount to be paid to the collector in the year of assessment in respect of amounts liable to be deducted from such payments and in respect of PAYE tax and national insurance contributions will not exceed the amount specified in regulation 9(2) of the Sub-contractor Regulations.
These Regulations increase the amount specified in regulation 9(2) of the Sub-contractor Regulations from £600 to £1000 with effect from 6th April 1999, that is, from the beginning of the year of assessment 1999-“00.
The costs savings and other benefits for contractors to whom this amending provision applies are set out in a Regulatory Impact Assessment a copy of which has been placed in the library of the House of Commons or may be obtained from Inland Revenue, Room 36, New Wing, Somerset House, Strand, London WC2R 1LB, or from the Inland Revenue web site at http/www.inlandrevenue.gov.uk.