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These Regulations amend regulation 3 of the Income Tax (Payment on Account) Regulations 1996 (S.I. 1996/1654), increasing the assessed amount prescribed for the purposes of section 59A of the Taxes Management Act 1970 from £500 to £1,000 for the year of assessment 2009-10 and subsequent years of assessment. The effect is to increase to £1,000 the amount of tax which must be outstanding before a taxpayer is required to make a payment on account of income tax under section 59A of the Taxes Management Act 1970.
A full Impact Assessment was published by HM Revenue and Customs and is available on their website at www.hmrc.gov.uk/ria or from the Ministerial Correspondence Unit, HM Revenue and Customs, Yorke House, Castle Meadow, Nottingham.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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