The Finance Act

This document details the enactment and implications of the Finance (No. 3) Act 2010, specifically focusing on changes to the Construction Industry Scheme and associated penalties.
Created: 19 June 2024
Last Reviewed: 24 June 2024
Contents
Introduction
Overview 
Key Provisions
Penalties for Non-Compliance
Interest on Late Payments
Impact Assessment and Guidance

Introduction

The Finance (No. 3) Act 2010 introduces critical changes to the Construction Industry Scheme (CIS), affecting how contractors report payments and comply with tax regulations. Effective from 6 October 2011, this legislation updates the penalty regime and interest calculations for non-compliance, ensuring stricter adherence to tax obligations and providing clarity on the procedural aspects.

Overview 

The Finance (No. 3) Act 2010, in conjunction with the Finance Act 2009, enacts changes to the Construction Industry Scheme, focusing on penalties and interest calculations for non-compliance. The Treasury has set specific dates and conditions for these provisions to come into force, which are crucial for contractors to understand and adhere to.

Key Provisions

Membership Required
to View

Member Login Become a member
This document is only available for members

Want to view this?

Unlock this document and get unlimited access to our entire library of resources and training courses.

Already a member? Login

Become a member
Forgot Password?