LegalizeThe Income Tax (Payments on Account) (Amendment) Regulations 2008
Made: 26th March 2008
Laid before the House of Commons: 27th March 2008
Coming into force: 6th April 2009
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 59A(1) of the Taxes Management Act 19701 and now vested in them2.
Citation, commencement and effect
1
These Regulations may be cited as the Income Tax (Payments on Account) (Amendment) Regulations 2008, shall come into force on 6th April 2009 and shall have effect as respects the year 2009-10 and subsequent years of assessment.
Amendment of the Income Tax (Payments on Account) Regulations 1996
2
In regulation 3 of the Income Tax (Payments on Account) Regulations 19963 (which prescribes the assessed amount for the purposes of section 59A(1)(c) of the Taxes Management Act 1970) for “£500” substitute “£1,000”.
Signed
Dave Hartnett — Mike Eland — Two of the Commissioners for Her Majesty’s Revenue and Customs — 26th March 2008
Explanatory note
(This note is not part of the Regulations)
EXPLANATORY NOTE
These Regulations amend regulation 3 of the Income Tax (Payment on Account) Regulations 1996 (S.I. 1996/1654), increasing the assessed amount prescribed for the purposes of section 59A of the Taxes Management Act 1970 from £500 to £1,000 for the year of assessment 2009-10 and subsequent years of assessment. The effect is to increase to £1,000 the amount of tax which must be outstanding before a taxpayer is required to make a payment on account of income tax under section 59A of the Taxes Management Act 1970.
A full Impact Assessment was published by HM Revenue and Customs and is available on their website at www.hmrc.gov.uk/ria or from the Ministerial Correspondence Unit, HM Revenue and Customs, Yorke House, Castle Meadow, Nottingham.
Footnotes
1970 c. 9. Section 59A was inserted by section 192 of the Finance Act 1994 (c. 9) and relevantly amended by section 103(7) of the Finance Act 1995(c. 4), paragraph 130(a) of Part 2 of Schedule 6 to the Income Tax (Earnings and Pensions ) Act 2003 (c. 1) and paragraph 376 of Part 2 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5).
The functions of the Commissioners of Inland Revenue (“the former Commissioners”) were transferred to the Commissioners for Revenue and Customs (“the new Commissioners”) by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50 of that Act provides that, insofar as is appropriate in consequence of section 5, a reference to the former Commissioners is to be read as a reference to the new Commissioners.
S.I. 1996/1654. There are amendments, but none is relevant for present purposes.
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