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The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1992

S.I. 1992/1065 · Made 28 April 1992

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 28th April 1992

Laid before the House of Commons 28th April 1992

Coming into force 19th May 1992

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 566 of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1.

Contents

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

1

These Regulations may be cited as the Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1992 and shall come into force on19th May 1992.

2

In regulation 7A(2) of the Income Tax (Sub-Contractors in the Construction Industry) Regulations 1975 (as amendedf1) for “£400” there shall be substituted “£450”.

Signature

L.J.H. Beighton

C.W. Corlett

Two of the Commissioners of Inland Revenue

28th April 1992

Explanatory note

(This note is not part of the Regulations)

The Income Tax (Sub-Contractors in the Construction Industry) Regulations 1975 (as amended) allow certain contractors to pay the deduction imposed by section 559 of the Income and Corporation Taxes Act 1988 on payments to sub-contractors (“the statutory deduction”) to the Inland Revenue quarterly rather than monthly. The contractors in question are those whose average monthly payments of Pay As You Earn (“PAYE”), National Insurance Contributions (“NIC”) and the statutory deduction are expected to be less than £400 in total.

These Regulations raise the amount of £400 to £450 with effect from 19th May 1992.