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The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations 2012

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EXPLANATORY NOTE

(This note is not part of the Regulations)

The Income Tax (Pay As You Earn) (Amendment) Regulations 2012 (“the 2012 Regulations”) amended the Income Tax (Pay As You Earn) Regulations 2003 to make provision for the changes being made to the Pay As You Earn system by the Real Time Information programme and, in particular, inserted new regulation 67B. This requires employers to report pay and tax information to HM Revenue and Customs (“HMRC”) each time a relevant payment is made to an employee.

These Regulations require certain employers to include a reference in a return under regulation 67B. They also require the providers of certain electronic payment services to provide information relevant to the creation of that reference to HMRC.

These Regulations also provide for the Commissioners for Her Majesty’s Revenue and Customs to make directions specifying details about how this process will work and excluding specified employers from the new obligations.

A Tax Information and Impact Note covering this instrument was published on 15th March 2012 alongside the 2012 Regulations and is available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.

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