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The Aggregates Levy (Northern Ireland Tax Credit) Regulations 2004
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- 2004 No. 1959
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision in respect of certain tax credits which are to apply in Northern Ireland during the period 1st April 2004 to 31st March 2011 as provided for by section 30A of the Finance Act 2001 (c. 9) (inserted by section 291 of the Finance Act 2004 (c. 12)).
Regulation 3 provides for the entitlement to the tax credit and further provides that it supplements the provisions contained in Part III of the Aggregates Levy (General) Regulations 2002 (S.I. 2002/761) which deal with accounting, payment, records, tax credits, repayments and set-off etc.
Regulation 4 specifies a limitation on the scope of the tax credit relief which does not apply where aggregate is transferred from Northern Ireland to another part of the United Kingdom unless this is for onward export from the United Kingdom.
Regulation 5 defines what is meant by an aggregates levy credit certificate which is required in the case of a claim for a Northern Ireland tax credit.
Regulation 6 provides for the withdrawal of an aggregates levy credit certificate in specified circumstances.
Regulation 7 defines what is meant by an aggregates levy credit agreement which is the underlying environmental agreement evidenced by the aggregates levy credit certificate.
Regulation 8 makes it clear that only one type of tax credit can be claimed in respect of any quantity of aggregate.
Regulation 9 sets out that additional records which are required in the case of a claim for a Northern Ireland tax credit.
Regulation 10 contains the requirements for a claim to be made.
Regulation 11 provides for a penalty where the additional record keeping requirement (regulation 9) is breached.
Regulation 12 revokes the Aggregates Levy (Northern Ireland Tax Credit) Regulations 2002 (S.I. 2002/1927).
A full regulatory impact assessment has not been produced for this instrument as it has negligible impact on the costs of businesses, charities or voluntary bodies.
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