Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Income Tax (Construction Industry Scheme) Regulations (S.I. 2005/2045) to provide that section 108 of the Finance Act 2009 applies with modifications to surcharges under regulation 48 of those Regulations.
The Regulations insert a new paragraph (8) in regulation 48 (default surcharge), so as to apply section 108 of the Finance Act 2009 to surcharges under regulation 48 for electronic payments made late. That section provides for the suspension of penalties during the currency of a deferred payment agreement.
A full impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.