147 Sub-contractor deductions etc: interest on late payment or repayment
Finance Act 2003 (2003 c 14) | Legislation

147  Sub-contractor deductions etc: interest on late payment or repayment

(1) In section 566 of the Taxes Act 1988 (construction industry scheme: powers to make regulations) after subsection (1) insert—

“(1) Interest required to be paid by regulations under subsection (1) above shall be paid without any deduction of income tax and shall not be taken into account in computing any income, profits or losses for any tax purposes.”.

(2) In the Social Security Contributions and Benefits Act 1992 (c 4) and

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