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The Income Tax (Construction Industry Scheme) (Amendment) Regulations 2024
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- 2024 No. 308
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Income Tax (Construction Industry Scheme) Regulations 2005 (S.I. 2005/2045) (“the 2005 Regulations”).
Regulation 1 relates to citation and commencement.
Regulation 2(2) inserts new regulation 20A (payments made by landlord to tenant) into the 2005 Regulations which exempts certain payments made by a landlord to a tenant from the definition of a “contract payment” in section 60 of the Finance Act 2004.
Regulation 2(3) inserts references to value added tax (“VAT”) returns and VAT payment obligations into Column 1 of Table 3 in regulation 32 of the 2005 Regulations. Regulation 32 currently sets out four prescribed obligations, each with prescribed circumstances in which an exception from that compliance obligation would apply. The amendment adds an obligation to submit VAT returns and an obligation to pay VAT to the current prescribed obligations and creates separate exceptions for VAT returns and VAT payment.
A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
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