# The Income Tax (Construction Industry Scheme) Regulations 2005, Regulation 20: Reverse premiums

Extent: E+W+S+N.I.

(1) Subject to paragraph (2), a payment under a construction contract is not a contract payment if the payment is a reverse premium within the meaning of Schedule 6 to the Finance Act 1999 (tax treatment of receipts by way of reverse premium) (see paragraph 1 of that Schedule) or section 99 of the Income Tax (Trading and Other Income) Act 2005 (reverse premiums).
(2) Paragraph 5 of Schedule 6 to the Finance Act 1999 (exclusion of receipts taken into account for capital allowances) and section 100(1) of the Income Tax (Trading and Other Income) Act 2005 (excluded cases) do not apply for the purposes of paragraph (1).

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Source: https://www.legislation.gov.uk/uksi/2005/2045/regulation/20 (the official version)
Page: https://openlegislation.uk/income-tax-construction-industry-scheme-regulations-2005/regulation-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.