Finance Act, 1992

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Supplemental provisions to section 226 .

227.—The Income Tax Act, 1967 , is hereby amended—

(a) in section 94 by the substitution of the following paragraph for paragraph (d):

“(d) any person who as an agent manages premises or is in receipt of rent or other payments arising from premises to prepare and deliver to the inspector a return containing—

(i) the full address of all such premises,

(ii) the name and address of every person to whom such premises belong,

(iii) a statement of all rents and other such payments arising from such premises, and

(iv) such other particulars relating to all such premises as may be specified in the notice.”,

(b) in section 173—

(i) by the insertion, in subsection (2), of “(which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute)” after the term “body of persons”, where it first occurs, and the said subsection (2), other than paragraphs (a) and (b), as so amended, is set out in the Table to this section,

(ii) by the insertion, in subsection (4), of “and tax reference number” after the word “name” where it first occurs, and the said subsection (4), as so amended, is set out in the Table to this section,

(iii) by the insertion of the following subsection after subsection

(4):“(4A) A return under this section shall include payments made by the person or body of persons in the course of the said trade, business or activity on behalf of any other person.”,

(iv) by the substitution, in paragraph (b) of subsection (5), of “£500” for “£15”, and the said paragraph (b), as so amended, is set out in the Table to this section,

and

(v) by the substitution of the following subsection for subsection (10):

“(10) (a) In this section—

(i) references to payments for services include references to payments in the nature of commission of any kind and references to payments in respect of expenses incurred in connection with rendering of services, and

(ii) references to the making of payment include references to the giving of any valuable consideration, and the requirement imposed by subsection (4) to state the amount of a payment shall, in relation to any consideration given otherwise than in the form of money, be construed as a requirement to give particulars of the consideration.

(b) In this section ‘tax reference number’, in relation to a person, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983 , in relation to a specified person within the meaning of that section.”,

and

(c) in section 176, by the addition of the following subsection after subsection (1):

“(1A) No person shall be required under this section to include in a return particulars of receipts (to which subsection (1) applies) of or belonging to any one person where the total of the receipts relating to that person which would otherwise fall to be included in the return does not exceed £500.”.

TABLE

(2) Every body of persons (which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute) carrying on any activity which does not constitute a trade or business shall, if required to do so by a notice from an inspector, make and deliver to the inspector a return of all payments of a kind specified in the notice made during a period so specified, being—

(4) A return under this section shall give the name and tax reference number (as defined in section 22 of the Finance Act, 1983 ) of the person to whom each payment was made, the amount of the payment and such other particulars (including particulars as to the services or rights in respect of which the payment was made, the period over which any services were rendered and any business name or home address of the person to whom the payment was made) as may be specified in the notice.

(b) particulars of payments made to any one person where the total of the payments to that person which would otherwise fall to be included in the return does not exceed £500, or