The Income Tax (Payments on Account)(Amendment) Regulations 1997

Made: 15th October 1997

Laid before the House of Commons: 17th October 1997

Coming into force: 7th November 1997

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 59A(1) of the Taxes Management Act 1970¹, hereby make the following Regulations:

1

These Regulations may be cited as the Income Tax (Payments on Account) (Amendment) Regulations 1997 and shall come into force on 7th November 1997.

2

In regulation 4 of the Income Tax (Payments on Account) Regulations 1996² for the word “four” there shall be substituted the word “five”.

Signed

C W Corlett — G H Bush — Two of the Commissioners of Inland Revenue — 15th October 1997

Explanatory note

(This note is not part of the Regulations)

Section 59A of the Taxes Management Act 1970 (inserted by section 192 of the Finance Act 1994) provides for a taxpayer to make payments on account of income tax as regards a year of assessment, if, as regards the immediately preceding year, the conditions set out in subsection (1) of that section are satisfied. Those conditions are:—

• that the taxpayer is assessed to income tax in any amount;

• that that amount (“the assessed amount”) exceeds the amount of income tax which has been deducted at source or otherwise treated as paid;

• that the amount of the excess (“the relevant amount”) is not less than such amount as may be prescribed; and

• that the proportion which the relevant amount bears to the assessed amount is not less than such proportion as may be prescribed.

The Income Tax (Payments on Account) Regulations 1996 (S.I. 1996/1654) (“the 1996 Regulations”) prescribed the relevant amount, and that proportion, respectively. These Regulations correct an error in the 1996 Regulations, by amending the proportion from one to four to one to five.

Footnotes