12 December 2023
HM Revenue and Customs (HMRC) has released draft amendments for the Income Tax Regulations in relation to the Construction Industry Scheme (CIS).
The amendments seek to make the following changes:
- ensure minor VAT compliance failures will not result in Gross Payment Status (GPS) refusal or removal
- remove most payments made by landlords to tenants from the scope of the CIS.
The VAT compliance amendments should be considered alongside the Finance Bill 2024 explanatory notes (Clause 34) which sets out the process for GPS being revoked or denied.
The consultation period for feedback on these draft amendments is open until 9 January 2024. If you have any thoughts or additional considerations that need to be accounted for, please do take the opportunity to have your voice heard.
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