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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations, which come into force on 18th August 1989, amend regulation 12A(4) of the Income Tax (Sub-Contractors in the Construction Industry) Regulations 1975 by substituting a reference to “the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 86 of the Taxes Management Act 1970”.

The amendment is consequential upon the coming into force on 18th August 1989 of section 178 of the Finance Act 1989 and the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297) and of the repeal of section 89 of the Taxes Management Act 1970.