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(This note is not part of the Regulations)
These Regulations, which come into force on 9th December 2008, are made in exercise of the powers conferred by section 136 of the Finance Act 2008 (c.9). Section 136(1) permits the Commissioners for HM Revenue & Customs to charge a fee in respect of using a method of payment where the Commissioners expect that they will be required to pay a fee or charge in connection with amounts paid using that method of payment.
These Regulations specify that a fee must be paid in respect of payment by credit card made over the internet. The Regulations provide that the payer must pay a fee, equal to 1.25% of the payment.
A full regulatory impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available through the HMRC consultation page at:
http://www.hmrc.gov.uk/consultations/index.htm
and through the Explanatory Memorandum which is available alongside the instrument on the OPSI website.
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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 and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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