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The Income Tax (Pay As You Earn) (Amendment) Regulations 2024
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- UK Statutory Instruments
- 2024 No. 305
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EXPLANATORY NOTE
(This note is not part of the Regulations)
The Regulations amend the Income Tax (Pay As You Earn) Regulations 2003 (S.I. 2003/2682) (“the PAYE Regulations”).
Regulation 2 inserts regulation 67BD into the PAYE Regulations to determine the correct treatment, for the purposes of regulations 66 and 67B of and Schedule A1 to the PAYE Regulations, of certain advance payments a Real Time Information employer makes to an employee. Regulation 66 requires any employer to record any relevant payment it makes to an employee in a deductions working sheet. Regulation 67B requires that, on or before making a relevant payment to an employee, a Real Time Information employer sends His Majesty’s Revenue and Customs (“HMRC”) a return containing the information listed in Schedule A1.
Regulation 67BD provides that, in respect of both the deductions working sheet and the return to HMRC, a Real Time Information employer must treat certain advance payments and the reduced regular relevant payment that follows them as a single payment, made on the date that the reduced regular relevant payment is made.
A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.
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