(1)Subsection (4) of section 559 of the Taxes Act 1988 (which requires deductions to be made from payments to certain sub-contractors in the construction industry) shall have effect in relation to payments made on or after the appointed day with the substitution for “ 25 per cent. ” of “the relevant percentage”; and after that subsection there shall be inserted the following subsection—
“(4A)In subsection (4) above “the relevant percentage”, in relation to a payment, means such percentage (not exceeding the percentage which is the basic rate for the year of assessment in which the payment is made) as the Treasury may by order determine.”
(2)Chapter IV of Part XIII of the Taxes Act 1988 (sub-contractors in the construction industry) shall be further amended in accordance with Schedule 27 to this Act.
(3)In this section and that Schedule “the appointed day” means such day, not being a day before 1st August 1998, as the Treasury may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different purposes.
Subordinate Legislation Made
P1S. 139(3): S. 139(3) power exercised (23.11.1998) by S.I. 1998/2620, art. 2
S. 139(3): S. 139(3) power exercised (1.8.1999) by S.I. 1998/2620, art. 2
S. 139(3): Power partly exercised: 6.8.1999 appointed for specified provisions by S.I. 1999/2156, art. 2
S. 139(3): Power partly exercised: 6.4.2000 appointed for specified provisions by S.I. 2000/922, art. 2
Modifications etc. (not altering text)
C1S. 139(3) extended (31.7.1998) by 1998 c. 36, s. 57, Sch. 8 para. 7