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HMRC internal manual

Construction Industry Scheme Reform Manual

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HM Revenue & Customs
Updated
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The Scheme: secondary legislation: regulation 15

This regulation deals with interest due on amounts overpaid by the contractor.

The regulation should be applied to amounts repaid to a contractor after the end of thetax year in which the payment was made: SI2005/2045 reg 15(1).

Interest should be calculated at the prescribed rate and applied to amount repaid from therelevant time until the order for repayment is made: SI2005/2045 reg 15(2).

The ‘relevant time’ is defined at SI2005/2045 reg 15(3).

Any changes in the prescribed rate should be applied to the amount to be repaid from thedate of the change: SI2005/2045 reg 15(4).

The ‘prescribed rate’ is defined at SI2005/2045 reg 15(5).

ENABLING PROVISION – FA04/S71 (1)