TaxPersonal TaxBudget 2000: Construction Industry scheme reviewed

Budget 2000: Construction Industry scheme reviewed

Improvements and cost-cutting measures to the new Construction Industry Scheme including a simplification of procedures for CIS24 vouchers, were announced in the Budget.

From May, a subcontractor will no longer be required to send a copy of their CIS24 voucher to the contractor, and will instead be required to keep a copy for their own records. The measure is designed to reduce the amount of paperwork currently exchanged between contractors and subcontractors.

The turnover threshold for companies required to make a formal business case to qualify for a CIS5 certificate has also been reduced from £5m to £3m.

Measures also include the establishment of a consultative forum to review the scheme, which will contain representation from the Inland Revenue, the Department of Environment, Transport and the Regions and the construction industry.

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