S.I. No. 281/1992 - Income Tax (Relevant Contracts) Regulations, 1992.


S.I. No. 281 of 1992.

INCOME TAX (RELEVANT CONTRACTS) REGULATIONS, 1992.

The Revenue Commissioners, in exercise of the powers conferred on them by section 17 (as amended by section 28 of the Finance Act, 1992 (No. 9 of 1992)) of the Finance Act, 1970 (No. 14 of 1970), hereby make the following regulations:

1. (1) These Regulations may be cited as the Income Tax (Relevant Contracts) Regulations, 1992.

(2) The Principal Regulations and these Regulations may be cited together as the Income Tax (Relevant Contracts) Regulations, 1971 to 1992.

2. In these Regulations "the Principal Regulations" means the Income Tax (Construction Contracts) Regulations, 1971 ( S.I. No. 1 of 1971 ), as amended by the Income Tax (Construction Contracts) Regulations, 1976 ( S.I. No. 274 of 1976 ), by the Income Tax (Construction Contracts) Regulations, 1985 ( S.I. No. 239 of 1985 ), and by the Income Tax (Construction Contracts) Regulations, 1991 ( S.I. No. 240 of 1991 ).

3. In relation to any payment made to a sub-contractor on or after the 6th day of October, 1992, the Principal Regulations shall be construed and have effect—

( a ) in Regulation 2—

(i) as if the definition of "construction contract" were deleted, and

(ii) as if the following definition were inserted before the definition of "repayment period":

"'relevant contract' has the meaning assigned to it in subsection (1) of the principal section;",

( b ) as if references to "construction contract", "construction contracts", "construction operations", "construction payments card", "construction payments cards", "construction tax deduction card" and "construction tax deduction cards" were, respectively, references to "relevant contract", "relevant contracts", "relevant operations", "relevant payments card", "relevant payments cards", "relevant tax deduction card" and "relevant tax deduction cards".

GIVEN this 2nd day of October, 1992.

D. B. QUIGLEY,

Revenue Commissioner.

EXPLANATORY NOTE.

These Regulations adapt the Income Tax (Construction Contracts) Regulations, 1971 ( S.I. No. 1 of 1971 ), to take account of the extension, provided for by section 28 of the Finance Act, 1992 , as on and from 6th October, 1992, to sub-contractors in the meat processing and forestry industries of the existing scheme of tax deduction from payments to subcontractors in the construction industry.