SolvedDMBM450100 | Legislation: IT-SC Regulations
From HM Revenue & Customs · Debt Management and Banking Manual
Some content of this manual is being considered for archiving. If there is content you use regularly, please email [email protected] to let us know as soon as possible.
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 |