The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1992

Statutory Instruments

1992 No. 1065

INCOME TAX

The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1992

Made

28th April 1992

Laid before the House of Commons

28th April 1992

Coming into force

19th May 1992

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 566 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 1992 and shall come into force on19th May 1992.

2.  In regulation 7A(2) of the Income Tax (Sub-Contractors in the Construction Industry) Regulations 1975 (as amended(2)) for “£400” there shall be substituted “£450”.

L.J.H. Beighton

C.W. Corlett

Two of the Commissioners of Inland Revenue

28th April 1992

Explanatory Note

(This note is not part of the Regulations)

The Income Tax (Sub-Contractors in the Construction Industry) Regulations 1975 (as amended) allow certain contractors to pay the deduction imposed by section 559 of the Income and Corporation Taxes Act 1988 on payments to sub-contractors (“the statutory deduction”) to the Inland Revenue quarterly rather than monthly. The contractors in question are those whose average monthly payments of Pay As You Earn (“PAYE”), National Insurance Contributions (“NIC”) and the statutory deduction are expected to be less than £400 in total.

These Regulations raise the amount of £400 to £450 with effect from 19th May 1992.

(1)

1988 c. 1.

(2)

S.I.1975/1960; regulation 7A was inserted by S.I.1991/1081 regulation 4.