Explanatory note

These Regulations amend the Income Tax (Pay As You Earn) Regulations 2003 (S.I. 2003/2682) (“the principal Regulations”) which make provision for the assessment, charge, collection and recovery of income tax in respect of pay as you earn (“PAYE”) income.

Regulation 1 provides that these Regulations have effect in relation amounts due and payable for the tax year 2014-15 and subsequent tax years. As a consequence, these Regulations have effect in relation to payments which are due to Her Majesty’s Revenue and Customs (“HMRC”) on, or after, 19th May 2014.

Regulation 2 makes amendments to the principal Regulations as a consequence of the charging of interest on tax unpaid and the payment of repayment interest in accordance with sections 101 and 102 of the Finance Act 2009 (c. 10). The amendments in paragraphs (a) and (b) make provision for the date from which repayment interest will be payable by HMRC where an overpayment arises as a consequence of a correction in a return either during the tax year or after the end of the tax year in question. The amendment in paragraph (c) makes provision for a due and payable date for the payment of tax which an employer has failed to include in a return to HMRC.

A Tax Information and Impact Note has not been prepared for this Instrument as it gives effect to previously announced policy.