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61Deductions on account of tax from contract payments

(1)    On making a contract payment the contractor (see section 57(3)) must deduct from it a sum equal to the relevant percentage of so much of the payment as is not shown to represent the direct cost to any other person of materials used or to be used in carrying out the construction operations to which the contract under which the payment is to be made relates.

(2)    In subsection (1) “the relevant percentage” means such percentage as the Treasury may by order determine.

(3)    That percentage must not exceed—

(a)    if the person for whose labour (or for whose employees' or officers' labour) the payment in question is made is registered for payment under deduction, the percentage which is the basic rate for the year of assessment in which the payment is made, or

(b)    if that person is not so registered, the percentage which is the higher rate for that year of assessment.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 22 July 2004: for provision as to the effect of this section see s 77.
Contract Law94 Performance of Contract94 Breach, Discharge & Rescission of Contract94

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