Following the recent consultation on tackling abuse within the construction industry, draft legislation will be included in Finance Bill 2021 which is intended to strengthen the construction industry scheme (CIS). The new provisions, due to come into effect from 6 April 2021, will: enable HMRC to correct the amount of CIS deductions claimed within the sub-contractor’s employer payment summary; ensure that only the subcontractor directly purchasing materials will be entitled to a deduction for material costs; modify the provisions around the deemed contractor registration requirements; and strengthen the penalty regime where false information is provided when registering under the scheme.
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Following the recent consultation on tackling abuse within the construction industry, draft legislation will be included in Finance Bill 2021 which is intended to strengthen the construction industry scheme (CIS). The new provisions, due to come into effect from 6 April 2021, will: enable HMRC to correct the amount of CIS deductions claimed within the sub-contractor’s employer payment summary; ensure that only the subcontractor directly purchasing materials will be entitled to a deduction for material costs; modify the provisions around the deemed contractor registration requirements; and strengthen the penalty regime where false information is provided when registering under the scheme.
If you are not a subscriber, subscribe now to read this content.
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