Legislation: IT-SC Regulations
Regulations concerning payment of contractors’ deductions, which form the basis for compliance action, are contained in the Income Tax (Construction Industry Scheme) Regulations 2005.
The table shows a selection and their effects.
|Summary of contents||Income Tax (Construction Industry Scheme) Regulations 2005|
|Requires a contractor to pay monthly the net sums deducted||Reg 7|
|Requires the contractor to make a monthly Return||Reg 4|
|Where no payment or an insufficient payment has been made, the debt manager may require a contractor to make a return of the amounts payable||Reg 10|
|Where no payment or an insufficient payment has been made, the debt manager may specify the amount a contractor should pay||Reg 11|
|HMRC may determine the amount a contractor should pay||Reg 13|
|Charge interest on tax due||Reg 14|
|A person nominated by the Commissioners for Her Majesty’s Revenue and Customs may inspect an employer’s/ contractor’s records to quantify the overdue liabilities||Reg 51|