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The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1992
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- 1992 No. 1065
- Explanatory Note
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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.
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