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The Income and Corporation Taxes Act 1988, Section 559(4A), Order 2000

S.I. 2000/921 · Made 30 March 2000

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 30th March 2000

Laid before the House of Commons 31st March 2000

Coming into force 6th April 2000

The Treasury, in exercise of the powers conferred on them by section 559(4A) of the Income and Corporation Taxes Act 1988f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1988 c. 1; subsection (4A) was inserted by section 139(1) of the Finance Act 1995 (c. 4).

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Income and Corporation Taxes Act 1988, Section 559(4A), Order 2000 and shall come into force on 6th April 2000 immediately after the bringing into effect of section 139(1) of the Finance Act 1995f1.

2

The relevant percentage determined for the purposes of section 559(4) and (4A) of the Income and Corporation Taxes Act 1988 is 18 per cent.

Signature

Jim Dowd

Bob Ainsworth

Two of the Lords Commissioners of Her Majesty’s Treasury

30th March 2000

Explanatory note

(This note is not part of the Order)

This Order sets the rate of deduction which a contractor in the Construction Industry has to make, from payments which he makes to sub-contractors to which section 559 of the Income and Corporation Taxes Act 1988 (“the Taxes Act”) applies. This excludes a sub-contractor who holds a sub-contractor’s tax certificate, with the result that section 561 of the Taxes Act applies

The rate of deduction may not exceed the basic rate of income tax for the year of assessment in which the payment is made. This Order sets the deduction rate at eighteen per cent.