The Income Tax (Sub-contractors in the Construction Industry) Regulations 1993

PART II PAYMENTS TO SUB-CONTRACTORS TO WHICH SECTION 559 APPLIES

Interpretation of Part II

3.  In this Part of these Regulations, the expression “payment to which section 559 applies” shall mean—

(a) subject to sub-paragraph (b) below, a contract payment made to a person who is not excepted from that section; and

(b) in relation to a user of a tax certificate in the form numbered 714S in Schedule 1 to these Regulations, any contract payment made to that user to the extent that the user is not excepted from that section in respect of that payment by reason of the weekly limit;

and related expressions shall be construed accordingly.

Multiple contractors

4.—(1) Where a contractor so elects, he shall be treated for all the purposes of this Part of these Regulations as if in respect of each group of sub-contractors specified in the election he were a different contractor, that is to say, as if each group of sub-contractors constituted all the sub-contractors to whom he makes payments to which section 559 applies.

(2) An election under this regulation must be made by notice to the inspector and any such notice shall contain—

(a) such information as may be necessary to identify the groups of sub-contractors concerned, and

(b) a certificate that the contractor makes no payment to which section 559 applies other than to sub-contractors in the groups so identified.

(3) Subject to paragraph (4), an election shall have effect for the year following that in which it is made and, unless revoked, shall also have effect for any subsequent year.

(4) Where a contractor acquires the whole or a part of the undertaking of another contractor and within 90 days of the acquisition elects under this regulation to be treated as a separate contractor in respect of the group of sub-contractors with whom he contracts for the purposes of the acquired undertaking and in respect of all other sub-contractors to whom he makes payments or, where an election is already in force in respect of them, each group of sub-contractors identified in the existing election, the new election shall have effect for the year in which the acquisition takes place and any subsequent year.

(5) An election in force for any year may be revoked by notice to the inspector and any such revocation shall have effect for the year following that in which notice of it is given and any subsequent year, but shall not prejudice the making of a fresh election for that following or any subsequent year.

Record of individual payment made and of amount deducted

5.—(1) On the making of any payment to which section 559 applies the contractor shall record, on a form provided or authorised by the Board, the particulars specified in paragraph (2) regarding that payment.

(2) The particulars specified in this paragraph are—

(a) the name and address of the sub-contractor to whom, or to whose nominee, the payment is made,

(b) if the payment is made to a nominee, the name and address of the nominee,

(c) the date of the payment,

(d) the amount of the payment before any deduction is made under section 559,

(e) the amount, if any, included in the payment which the contractor has reason to be satisfied represents the direct cost to any person of materials used or to be used in carrying out the construction operations to which the contract under which the payment is made relates,

(f) the amount from which section 559 requires a sum to be deducted, and

(g) the amount so deducted.

First payment in year to user of form 714S

6.  On the first occasion in any year on which a contractor makes a payment to which section 559 applies to a sub-contractor who is a user of a tax certificate in the form numbered 714S in Schedule 1 to these Regulations, the contractor shall record, on a form provided or authorised by the Board, that he has made such a payment.

Deduction certificate to be given to sub-contractor

7.—(1) Subject to paragraph (3), on the making of any payment to which section 559 applies, the contractor shall give to the sub-contractor a deduction certificate, on a form provided by the Board, giving the particulars specified in paragraph (2) and certifying those particulars.

(2) The particulars specified in this paragraph are—

(a) the name and address of the sub-contractor to whom, or to whose nominee, the payment is made,

(b) if the payment is made to a nominee, the name and address of the nominee,

(c) the beginning and end of the period in respect of which the deduction certificate is given,

(d) the amount of the payment before any deduction is made under section 559,

(e) the amount, if any, included in the payment which the contractor has reason to be satisfied represents the direct cost to any person of materials used in carrying out the construction operations to which the contract under which the payment is made relates,

(f) the amount from which section 559 requires a sum to be deducted, and

(g) the amount so deducted.

(3) Where, under any one contract, the contractor makes more than one payment to the same sub-contractor, the contractor may, with the agreement of the sub-contractor, instead of giving one deduction certificate under this regulation in respect of each payment, give one deduction certificate in respect of all the payments made—

(a) within one year; or

(b) within such shorter period as the sub-contractor may request, being—

(i) a period beginning at the beginning of a year and ending, if the last payment to be made under the contract has not then been made, on the sub-contractor’s accounting date in that year, or

(ii) a period beginning on the sub-contractor’s accounting date in a year and ending, if the last payment to be made under the contract has not then been made, at the end of the year in which that date falls.

(4) On the giving of a deduction certificate referred to in paragraph (1), the contractor shall record the amount, if any, deducted from the payment under section 559, entered on the deduction certificate on the form referred to in regulation 5(1).

(5) In paragraph (3) above “the sub-contractor’s accounting date”, in relation to a year, means the date in that year to which the sub-contractor makes up the accounts of his business.

Monthly payment of amounts deducted to collector

8.  Subject to regulations 9 and 13(11), the contractor shall pay to the collector within 14 days of the end of every income tax month all amounts which he was liable under section 559 to deduct from payments made by him during that income tax month.

Quarterly payment of amounts deducted to collector

9.—(1) Subject to regulation 13(11), where the contractor has reasonable grounds for believing that the condition specified in paragraph (2) applies and so chooses, he shall pay to the collector within 14 days of the end of every income tax quarter all amounts which he was liable under section 559 to deduct from payments made by him during that income tax quarter.

(2) The condition specified in this paragraph is that the average monthly total amount to be paid to the collector under—

(a) the Income Tax (Employments) Regulations 1993,

(b) the Social Security Contributions and Benefits Act 1992 and the Social Security (Contributions) Regulations 1979 or, in Northern Ireland, the Social Security Contributions and Benefits (Northern Ireland) Act 1992 and the Social Security (Contributions) Regulations (Northern Ireland) 1979, and

(c) regulation 8,

will be less than £450 for income tax months falling within the current year.

Payment of amounts deducted to collector—further provisions

10.—(1) The collector shall give a receipt to the contractor for the total amount paid under regulation 8 or 9, if so requested, but if a receipt is given for a total sum paid at the same time which includes that amount and also tax deducted under the Income Tax (Employments) Regulations 1993, or earnings related contributions, or both, then no separate receipt for the total amount so paid need be given.

(2) If the amount specified in regulation 8 or 9(1) which a contractor is liable to pay to the collector exceeds the amount, if any, actually deducted by him from payments made during the relevant income tax period but he satisfies the collector that he took reasonable care to comply with the provisions of section 559 and of these Regulations and that either—

(a) the under-deduction or failure to make a deduction was due to an error made in good faith, or

(b) in spite of such reasonable care as aforesaid, he had been led to the genuine belief that a payment made by him, which was one to which section 559 applies, was not or was not wholly such a payment,

then the collector may direct that the contractor shall not be liable to pay that excess to the collector.

(3) If the amount specified in regulation 8 or 9(1) which a contractor is liable to pay to the collector exceeds the amount, if any, actually deducted by him from payments made during the relevant income tax period but the inspector (whether or not an assessment under regulation 14 has been made) is satisfied that the person to whom the contractor made such payments either—

(a) was not chargeable to income tax or corporation tax in respect of those payments, or

(b) has made a return of his income or profits in accordance with section 8 or section 11 of the Management Act(1), in which those payments were taken into account, and paid the income tax and Class 4 contributions due or corporation tax due in respect of such income or profits,

then the inspector shall, if the contractor so requests, direct that the contractor shall not be liable to pay that excess (or any interest in respect of it) to the collector.

(4) If a contractor is aggrieved by the failure of a collector to make a direction under paragraph (2), he may, by notice to the collector, within 30 days after the date of a notice given after 19th April of a refusal by the collector to make such a direction, appeal to the General Commissioners against that refusal.

Return by contractor at end of year

11.—(1) The contractor shall render a return to the inspector or, if so required, to the collector, not later than 44 days after the end of the year, in such form as the Board may approve or prescribe, showing the particulars specified in paragraph (2) in respect of each sub-contractor.

(2) The particulars specified in this paragraph are—

(a) the total amount of payments to which section 559 applies made by him to that sub-contractor (or to his nominee) during the year,

(b) the total amount, if any, included in those payments which the contractor is satisfied represents the direct cost to any other person of materials used in carrying out the construction operations to which the contracts under which the payments were made related,

(c) the total amount deducted from the payments mentioned in sub-paragraph (a) above under section 559,

(d) the amounts in respect of which deduction certificates have been given to the sub-contractor under regulation 7, and

(e) whether the sub-contractor has at any time in the year been the user of a tax certificate in the form numbered 714S in Schedule 1 to these Regulations.

(3) The return required by paragraph (1) shall include the statement and declaration specified in paragraph (4) and the certificate specified in paragraph (5).

(4) The statement and declaration specified in this paragraph is a statement and declaration, signed by the contractor, in the form approved or prescribed by the Board, containing a list of all sub-contractors to whom (or to whose nominee) the contractor, during the year, made any payments to which section 559 applies.

(5) The certificate specified in this paragraph is a certificate, signed by the contractor, showing the total amount deductible under section 559 in the case of each sub-contractor and the total of all such amounts.

(6) Where the contractor is a company, the statement and declaration specified in paragraph (4) and the certificate specified in paragraph (5) shall be signed either by the secretary or by a director of the company.

(7) If a contractor has failed to pay the total amount which he is liable under these Regulations to pay to the collector within 14 days of the end of any year, the collector may prepare a certificate showing the amount remaining unpaid for that year.

(8) Paragraphs (1) to (5) of regulation 19 shall apply to the amount shown on a certificate under paragraph (7) with the modification that summary proceedings for the recovery of that amount or such part of it as remains unpaid may be brought at any time before the expiry of—

(a) twelve months after the date limited for delivery of the statement specified in paragraph (4), or

(b) if that statement is not delivered by that date, the expiry of twelve months after its delivery.

(9) A certificate of the collector under paragraph (7) that the amount mentioned for that year has not been paid to him, or, to the best of his knowledge and belief, to any other collector, or to any person acting on his behalf or on behalf of another collector, shall be sufficient evidence that the sum mentioned in the certificate is unpaid and is due to the Crown.

(10) Any document purporting to be a certificate under paragraph (7) shall be deemed to be such a certificate until the contrary is proved.

(11) Section 98A of the Management Act shall apply to the provisions of this regulation requiring a return to be made.

Notice and certificate in case of contractor failing to pay amounts deducted to collector

12.—(1) This regulation applies where, within 14 days of the end of any income tax period, the contractor has paid no amount to the collector under regulation 8 or 9 for that income tax period, and the collector is unaware of the amount, if any, which the contractor is liable so to pay.

(2) Where this regulation applies, the collector may give notice to the contractor requiring him to render, within 14 days, a return in such form as the Board may prescribe showing the amount which the contractor is liable to pay to the collector under regulation 8 or 9 in respect of the income tax period in question.

(3) Where a notice given by the collector under paragraph (2) extends to two or more consecutive income tax periods, these Regulations shall have effect as if those consecutive income tax periods were one income tax period.

(4) The collector may give a notice under paragraph (2) notwithstanding that an amount has been paid to him by the contractor under regulation 8 or 9 for an income tax period, if he is not satisfied that the amount so paid is the full amount which the contractor is liable to pay to him for that period, and this regulation shall have effect accordingly.

(5) Upon receipt of a return made by a contractor under paragraph (2), the collector may prepare a certificate showing the amount which the contractor is liable to pay to him for the income tax period in question.

(6) Paragraphs (1) to (5) of regulation 19 shall apply to the amount shown in a certificate under paragraph (5).

(7) The production of the return made by the contractor under paragraph (2) and of the certificate of the collector under paragraph (5) shall be sufficient evidence that the amount shown in the certificate is the amount which the contractor is liable to pay to the collector in respect of the income tax period in question.

(8) Any document purporting to be a certificate under paragraph (5) shall be deemed to be such a certificate until the contrary is proved.

Notice of specified amount and certificate in case of contractor failing to pay amounts deducted to collector

13.—(1) This regulation applies where, after 14 days following the end of any income tax period, the contractor has paid no amount to the collector under regulation 8 or 9 for that income tax period, despite demand being made, and there is reason to believe that the contractor is liable so to pay.

(2) Where this regulation applies, the collector, upon consideration of the contractor’s record of past payments may to the best of his judgment specify the amount which he considers the contractor is liable to pay, and serve notice on the contractor of that amount.

(3) Where the contractor has paid no amount under regulation 8 or 9 for the relevant income tax periods, the collector may give notice under paragraph (2) which extends to two or more consecutive income tax periods, and these Regulations shall have effect as if those income tax periods were the latest income tax period specified in the notice.

(4) The collector may give a notice under paragraph (2) notwithstanding that an amount has been paid to him by the contractor under regulation 8 or 9 for any income tax period, if he is not satisfied, after seeking the contractor’s explanation, that the amount so paid is the full amount which the contractor is liable to pay to him for that income tax period, and this regulation shall have effect accordingly.

(5) If, during the period allowed in a notice given by the collector under paragraph (2), the contractor claims, but does not satisfy the collector, that the payment made in respect of the income tax period specified in the notice is the full amount he is liable to pay to the collector for that income tax period, then—

(a) the contractor may require the collector to inspect the contractor’s documents and records as if the collector had called upon the contractor to produce those documents in accordance with regulation 41(1); and

(b) regulation 41 shall apply to that inspection, and the notice given by the collector under paragraph (2) shall be disregarded.

(6) Subject to paragraph (7), if the specified amount, or any part of it, is unpaid on the expiration of the period of seven days allowed in the notice, the amount so unpaid shall—

(a) be certified by the collector, and

(b) be deemed to be an amount which the contractor was liable to pay for that income tax period in accordance with regulation 8 or 9.

(7) Paragraph (6) shall not apply if, during the period allowed in the notice—

(a) the contractor pays the full amount which he is liable to pay to the collector under regulation 8 or 9 for that income tax period, or

(b) the contractor satisfies the collector that no amount, or no further amount is due for that income tax period.

(8) Paragraphs (1) to (5) of regulation 19 shall apply to the amount shown in a certificate under paragraph (6).

(9) The production of a certificate under paragraph (6) shall be sufficient evidence that the contractor is liable to pay the amount shown in the certificate to the collector.

(10) Any document purporting to be a certificate under paragraph (6) shall be deemed to be such a certificate until the contrary is proved.

(11) Notwithstanding anything in this regulation, if the contractor pays any amount certified by the collector under this regulation and that amount exceeds the amount which he would have been liable to pay in respect of that income tax period apart from this regulation, he shall be entitled to set off such excess against any amount which he is liable to pay to the collector under regulation 8 or 9 for any subsequent income tax period.

(12) If the contractor renders the return required by regulation 11 after the end of the year, and pays the total amount which he is liable to pay, any excess paid and not otherwise recovered by set-off in accordance with this regulation shall be repaid.

Formal determination of amounts payable by contractor

14.—(1) Where—

(a) there is a dispute between a contractor and a sub-contractor as to the amount, if any, deductible by the contractor under section 559 from a payment to the sub-contractor or his nominee, or

(b) the inspector has reason to believe, as a result of an inspection under regulation 41 or otherwise, that the amount which a contractor is liable to pay to the collector under these Regulations is greater than the amount, if any, which he has so paid, or

(c) the inspector considers it necessary to do so in all the circumstances,

the inspector may make an assessment on the contractor in the amount which, according to the best of his judgment, the contractor is liable to pay under these Regulations.

(2) An assessment under paragraph (1) shall be subject to the like provisions as are contained in Parts IV, V and VI of the Management Act as if it were an assessment to income tax and as if the amount assessed were income tax charged on the contractor and the like provisions as are contained in those Parts of the Management Act shall apply accordingly with any necessary modifications, except that the amount charged by the assessment shall be due and payable 14 days after the assessment is made.

(3) Where there is a dispute such as is mentioned in sub-paragraph (a) of paragraph (1) and the inspector does not make an assessment on the contractor under that paragraph, either the contractor or the sub-contractor may, on giving notice to the inspector, apply to the General Commissioners to determine the matter.

(4) The like provisions as are contained in Part V of the Management Act shall apply, with the appropriate modifications, to an application under paragraph (3) as they apply to an appeal against an assessment.

(5) Where there is a dispute such as is mentioned in sub-paragraph (a) of paragraph (1)—

(a) the contractor shall nevertheless make the deduction required by section 559 from the payment, or the part of the payment, to which the dispute relates, and the amount he so deducts shall be treated as a sum which he is liable to pay to the collector under these Regulations; and

(b) any amount which, on a final determination of the dispute, is shown not to have been so payable shall be treated as an overpayment of income tax or corporation tax by the sub-contractor.

Interest on amounts overdue which have been formally determined

15.—(1) Where an amount is charged by an assessment made in the circumstances specified in paragraph (2), and becomes due and payable, the amount so due and payable shall carry interest at the prescribed rate from the reckonable date until payment.

(2) The circumstances specified in this paragraph are that the assessment is made—

(a) by the inspector under regulation 14,

(b) at any time after 19th April 1988, and

(c) for a year not later than the year ended on 5th April 1992.

(3) Subject to paragraph (4), in this regulation “reckonable date” means the 14th day after the end of the year to which the assessment relates, and for the purposes of this regulation, where the assessment is made in respect of one or more income tax periods, that assessment shall relate to the year of which that period forms part.

(4) Where, at any time after 19th April 1988, an assessment such as is mentioned in paragraph (1) is made in the circumstances specified in paragraph (2), and that assessment relates to a year earlier than the year ended on 5th April 1988, then the amount due and payable under the assessment shall carry interest at the prescribed rate from the 19th April 1988 until payment and in those circumstances that date shall be the reckonable date.

(5) Interest payable under this regulation shall be recoverable as if it were an amount charged by an assessment made under regulation 14.

Interest on amounts overdue—general

16.—(1) Subject to paragraph (2), where in relation to the year ended on 5th April 1993 or any subsequent year, a contractor has not within 14 days after the end of a year paid to the collector the total amount which he is liable under these Regulations to pay, the amount remaining unpaid shall carry interest at the prescribed rate from the reckonable date until payment.

(2) Paragraph (1) shall not apply to any amount in respect of which a direction under regulation 10(2) or (3) has been made.

(3) In this regulation “the reckonable date” in relation to any year, means the 14th day after the end of that year.

(4) Interest payable under this regulation shall be recoverable as if it were an amount which a contractor is liable under regulation 8 or 9 to pay to the collector.

(5) A certificate of the collector that any amount of interest payable under this regulation has not been paid to him, or, to the best of his knowledge and belief, to any other collector or to any person acting on his behalf or on behalf of another collector, shall be sufficient evidence that the sum mentioned in the certificate is unpaid and due to the Crown.

(6) Any document purporting to be a certificate under paragraph (5) shall be deemed to be such a certificate until the contrary is proved.

Interest on amounts overdue—further provisions

17.  In regulations 15 and 16 “the prescribed rate” means the rate applicable under section 178 of the Finance Act 1989(2) for the purposes of section 86 of the Management Act(3); and where that rate changes on an operative date within the meaning given by regulation 2 of the Taxes (Interest Rate) Regulations 1989(4) by virtue of those Regulations, the change shall have effect for periods beginning on or after the operative date in relation to interest running from before that date as well as from or from after that date.

(2) The amount payable to which regulation 15(1) or 16(1) applies shall carry interest from the reckonable date even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882(5).

Interest on amounts overpaid

18.—(1) Where an amount paid under these Regulations in respect of the year ended on 5th April 1993 or any subsequent year is repaid to a contractor in the circumstances specified in paragraph (2), the amount repaid shall carry interest at the prescribed rate from the relevant time until the order for the repayment is issued.

(2) The circumstances specified in this paragraph are where the amount is repaid—

(a) after the end of the year following that in respect of which the amount was paid, and

(b) after the end of the year in which the amount was paid.

(3) In this regulation “the prescribed rate” means the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 824 of the Taxes Act(6); and where that rate changes on an operative date within the meaning given by regulation 2 of the Taxes (Interest Rate) Regulations 1989 by virtue of those Regulations, the change shall have effect for periods beginning on or after the operative date in relation to interest running from before that date as well as from or from after that date.

(4) In this regulation “the relevant time” means—

(a) in the case of a repayment of an amount which was paid more than twelve months after the end of the year in respect of which the payment was made, the end of the year in which that amount was paid; and

(b) in any other case, the end of the year after the year in respect of which the payment was made.

Recovery of amounts deducted

19.—(1) Subject to paragraph (3), the provisions of any enactment relating to the recovery of income tax charged by way of an assessment shall apply to the recovery of the amount specified in paragraph (2) as if that amount had been an amount of income tax charged by way of an assessment on the contractor.

(2) The amount specified in this paragraph is any amount which a contractor is liable under regulation 8 or 9 or is deemed liable under regulation 13 to pay to the collector for any income tax period, and which is not the subject of an assessment under regulation 14 (in this regulation referred to as “the specified amount”).

(3) Summary proceedings for the recovery of the specified amount may be brought in England, Wales and Northern Ireland at any time before the expiry of twelve months—

(a) after the date on which the specified amount became payable, or

(b) where a return has been required under regulation 12, after the date of the delivery of that return to the collector.

(4) Proceedings may be brought for the recovery of the specified amount without distinguishing the amounts which the contractor is liable to pay in respect of each sub-contractor and without specifying the sub-contractors in question, and the specified amount shall be one cause of action or one matter of complaint for the purposes of proceedings under sections 65, 66, or 67 of the Management Act(7).

(5) Nothing in paragraph (4) shall prevent the bringing of separate proceedings for the recovery of each of the several amounts which the contractor is liable to pay for any income tax period in respect of his several sub-contractors.

(6) A certificate of the collector that the specified amount has not been paid to him, or, to the best of his knowledge and belief, to any other collector, or to any person acting on his behalf or on behalf of another collector, shall be sufficient evidence that the sum mentioned in the certificate is unpaid and is due to the Crown.

(7) Any document purporting to be a certificate under paragraph (6) shall be deemed to be such a certificate until the contrary is proved.

Repayment of excess credit

20.—(1) If the inspector is satisfied, by the production to him of a deduction certificate issued to a sub-contractor under regulation 7 and by such further evidence as he may require, that the total of the sums deducted under section 559 from payments made in any year (or, in the case of a sub-contractor which is a company liable to corporation tax, in any accounting period) to that sub-contractor exceeds the aggregate of the amounts specified in paragraph (2), the sub-contractor shall be entitled to repayment of the excess by the inspector.

(2) The amounts specified in this paragraph are—

(a) the income tax and any Class 4 contributions or, as the case may be, corporation tax payable (whether or not yet due and payable) by that sub-contractor for that year or accounting period on the profits or gains of the trade, profession or vocation of the sub-contractor; and

(b) any income tax and any Class 4 contributions or, as the case may be, corporation tax remaining unpaid for any other year or accounting period on the profits or gains of the trade, profession or vocation of the sub-contractor.

(3) An appeal may be brought against a decision of the inspector under paragraph (1), and the like provisions as are contained in section 42 of the Management Act(8) shall apply to such an appeal as it applies to an appeal against a decision on a claim.

(1)

Section 8 was substituted by section 90(1) of the Finance Act 1990 (c. 29); section 11 was amended by paragraph 5 of Schedule 24 to the Finance Act 1972 (c. 41), paragraph 8 of Schedule 7 to the Capital Gains Tax Act 1979 (c. 14), paragraph 32 of Schedule 29 to the Income and Corporation Taxes Act 1988, section 91(4) of the Finance Act 1990 and sub-paragraphs (1) and (2) of paragraph 2 of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12), and (prospectively) by section 82 of the Finance (No. 2) Act 1987 (c. 51), paragraph 10(2) of Schedule 29 to the Income and Corporation Taxes Act 1988, and section 91(2), (3) and (5) to (7) of the Finance Act 1990.

(2)

1989 c. 26; section 178 was amended by section 17(10) of the Social Security Act 1990 (c. 27), paragraph 107 of Schedule 2 to the Social Security (Consequential Provisions) Act 1992 (c. 6), paragraph 19(4) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 and paragraph 5 of Schedule 11 to the Finance (No. 2) Act 1992 (c. 48).

(3)

Section 86 was substituted by section 46(1) of the Finance (No. 2) Act 1975 (c. 45); the section as substituted was amended by sections 61(3) and 62(1) and (2) of the Finance Act 1980 (c. 48), Part V of Schedule 16 to the Finance Act 1987 (c. 16), paragraph 32 of Schedule 29 to the Income and Corporation Taxes Act 1988, sections 156(1) and 179(1) of the Finance Act 1989, section 73(4) and (5) of, and paragraph 1 of Schedule 15 to, the Finance Act 1991 (c. 31), sub-paragraphs (1) and (8) of paragraph 2 of Schedule 10 to the Taxation of Chargeable Gains Act 1992 and paragraph 3 of Schedule 11 to, and Part VII(8) of Schedule 18 to, the Finance (No. 2) Act 1992, and (prospectively) by section 86(2) of the Finance (No. 2) Act 1987 and section 158(1) of, and Part VIII of Schedule 17 to, the Finance Act 1989.

(4)

S.I. 1989/1297, to which there are amendments not relevant to these Regulations.

(5)

1882 c. 61; section 92 was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).

(6)

Section 824 was amended by paragraph 7 of Schedule 13 to the Finance Act 1988, sections 110(5), 111(4), 158(2) and 179(1) of, and Parts IV, VIII and X of Schedule 17 to, the Finance Act 1989, and sub-paragraphs (1) and (52) of paragraph 14 of Schedule 10 to the Taxation of Chargeable Gains Act 1992.

(7)

Section 65 was amended by section 57(1) of the Finance Act 1984 (c. 43) and by S.I. 1989/1300 and 1991/1625; section 66 was amended by paragraph 36 of Schedule 2 to the County Courts Act 1984 (c. 28), section 57(2) of the Finance Act 1984 and by S.I. 1980/397 (N.I. 3) and S.I. 1991/724; section 67 was amended by section 58 of, and Part III of Schedule 15 to, the Finance Act 1976 (c. 40).

(8)

Section 42 was amended by paragraph 32 of Schedule 29 to the Income and Corporation Taxes Act 1988 and (prospectively) by section 97 of the Finance Act 1990.