New construction industry scheme
|Category|| Technical Articles
Article by Sarah Bradford, director, WriteTax Ltd. This article appeared in the November 2005 issue of Tax Adviser.
The new construction industry scheme is effective from 6 April 2006. The legislation for the new scheme was introduced in Finance Act 2004 Pt 3 Ch 3 (including Sch 11 and 12) and is supplemented by the Income Tax (Construction Industry Scheme) Regulations 2005. In preparation for the new scheme, HMRC have a detailed guidance booklet and nine factsheets on their website (see http://www.hmrc.gov.uk/new-cis/new_guidance.htm
). The guidance will be updated in the new year and printed copies are to be sent out to all contractors in the new CIS contractor's pack in January 2006. In addition, HMRC's business support team is running a number of workshops for contractors from October 2005 to January 2006, details of which are available on their website at http://www.hmrc.gov.uk/bst/index.htm.
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