The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to construction industry scheme (CIS) abuse: Following a consultation that ran until 28 August 2020, Finance Bill 2021 (FB 2021) will include measures to tackle abuse of the construction industry scheme (CIS). FB 2021 will contain four amendments to the CIS rules: a simplification of the rules for deemed contractors, changes to the rules on deductions for materials, a new power for HMRC to restrict CIS set-off claims and an expansion of the scope of penalties. The measures will apply from 6 April 2021. For more detail, see: Tackling Construction industry scheme abuse and News Analyses: Further provisions for draft Finance Bill 2021—Tax analysis—Real estate and Consultation on tackling Construction Industry Scheme abuse.
The construction industry scheme (CIS) was devised to limit the amount of tax lost as a result of sub-contractors in the construction industry under-declaring or failing to notify their chargeability to UK tax.
The scheme operates by requiring the withholding of tax at source at the point of making a ‘contract payment', thereby reducing the risk of a subsequent default by the sub-contractor. However, if the sub-contractor can prove it has complied with its tax obligations it can register to receive payments gross.
The obligation to deduct tax imposed by the CIS rules applies only to a contract payment. Furthermore, the tax deduction is not applied to the gross amount of
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Voluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished responsibility or suicide
This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
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STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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