• Consultation on the secondary legislation to extend the current scope of security deposit legislation to include Corporation Tax and Construction Industry Scheme (CIS) deductions has been published
• The Income Tax (CIS) (Amendment) and the Corporation Tax (Security for Payments) Regulations 2019 is expected to take effect from 6th April 2019
• A security deposit can only be requested where it is necessary for protection of the revenue
• The consultation closing date is 11th February 2019
• New guidance on corporation tax and CIS securities will be incorporated in Government guidance before the instrument comes into effect

Minden U.K. Limited use Aspire Business Partnership LLP. This firm provide Minden U.K. Ltd with practical and commercially sound advice in relation to all aspects of compliance, business strategy and conflict resolution. Original article can be found on Aspire’s website:

https://www.aspirepartnership.co.uk/News/3244/hmrc-powers-set-to-extend-for-cis-deductions-and-corporation-tax