June Budget – Deduction of Income Tax at source
The Government is to introduce changes which will give HMRC additional powers to make regulations to amend when and how a person should report income tax deducted from certain payments.
This change is relevant to individuals and other non-corporates that make payments of interest, patent royalties or other annual payments which require tax to be deducted at source. The changes do not affect companies.
The measure will take effect from the date the Finance Bill receives Royal Assent.