The Income Tax (Pay As You Earn) (Amendment No. 4) Regulations 2015

25 November 2015

Amongst other changes the new regulation 61M will require an authorised employer, who has registered to voluntarily payroll from 2016-17 tax year, to provide, before the 1 June following the end of the tax year in which the specified benefits have been given to their employee/s, information about the specified benefits they have received during the tax year and the cash equivalent of those benefits for the tax year in respect of which tax has been deducted.

The statement will need to identify:

  • every specified benefit provided to that employee during that tax year; and
  • the cash equivalent of the specified benefit provided during that tax year treated as a payment of PAYE income.

Full details of all amendments made since the publication of the draft regulations in the summer can be found at The Income Tax (Pay As You Earn)(AmendmentsNo.4) Regulations 2015.