{
  "url": "https://openlegislation.uk/profitrelated-pay-shortfall-recovery-regulations-1995/note",
  "json_url": "https://openlegislation.uk/profitrelated-pay-shortfall-recovery-regulations-1995/note.json",
  "legislation": "uksi/1995/917",
  "legislation_title": "The Profit–Related Pay (Shortfall Recovery) Regulations 1995",
  "legislation_url": "https://openlegislation.uk/profitrelated-pay-shortfall-recovery-regulations-1995",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations revoke and replace the Profit–Related Pay (Shortfall Recovery) Regulations 1988 (S.I. 1988/640) (“the 1988 Regulations”), as amended.\nThe 1988 Regulations provided for the collection and recovery of an amount equal to the shortfall in deductions made under PAYE where—\n(a) payments of profit–related pay were made to employees in accordance with a profit–related pay scheme registered under Chapter 1 of Part I of the Finance (No. 2) Act 1987 (c. 51) (subsequently re–enacted as Chapter III of Part V of the Income and Corporation Taxes Act 1988 (c. 1));\n(b) in consequence of the relief given by those Acts less PAYE tax was deducted from the payments made to the employees than would have been deducted if the scheme had not been registered; and\n(c) the registration of the scheme was subsequently cancelled with effect from a time before the relief was given, resulting in a shortfall in deductions made under PAYE.\nApart from minor and drafting amendments, including amendments consequential on the consolidation of the Income Tax Acts by the Income and Corporation Taxes Act 1988, these Regulations contain an additional provision to those contained in the 1988 Regulations, namely a regulation providing that unpaid amounts of shortfall in deductions made under PAYE shall carry interest (regulation 7).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/917/note",
    "retrieved_at": "2026-10-29T13:12:01.138153+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}