Amendment of Schedule 1 to the principal Regulations

3.  For paragraph (3) of regulation 26A in Schedule 1 to the principal Regulations (level below which an employer may choose to make payments to the Collector quarterly rather than monthly)(1) substitute—

“(3) The condition specified in this paragraph is that, for income tax months falling within the current year, the average monthly amount found by the formula—

Here—

  • N is the amount which would be payable to the Collector under the Social Security Contributions and Benefits (Northern Ireland) Act 1992 and the Main Regulations if any adjustment to that amount under regulation 7(3) of the Tax Credits (Payments by Employers) Regulations 1999(2) (funding of payment by relevant employer or relevant subsequent employer of tax credit) were disregarded;

  • P is the amount which would be payable to the Collector under regulation 40 of the Income Tax (Employments) Regulations 1993(3) (payment of tax monthly by employer) if any adjustment to that amount under regulation 7(1) of the Tax Credits (Payments by Employers) Regulations 1999 were disregarded;

  • L is the amount which would be payable to the Collector under regulation 39(1) of the Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (payment of repayments deducted to the Inland Revenue)(4) if the reduction of that amount which is referred to in paragraph (3) of that regulation and in regulation 7(2) of the Tax Credits (Payments by Employers) Regulations 1999 were disregarded;

  • S is the amount payable to the Collector under section 559 of the Taxes Act and the Income Tax (Sub-contractors in the Construction Industry) Regulations 1993(5); and

  • T is the amount which the employer is required to pay by way of tax credits in accordance with regulation 6(2) of the Tax Credits (Payment by Employers) Regulations 1999 (relevant employer’s or relevant subsequent employer’s obligation to pay tax credit).”.

(1)

Regulation 26A was substituted by regulation 2(3) of S.R. 1991 No. 310, and paragraph (3) was amended by regulation 3 of S.R. 1999 No. 151.

(2)

S.I. 1999/3219.

(3)

S.I. 1993/744. The relevant amending instrument is S.I. 1993/2276.

(5)

S.I. 1993/743.