Revenue press releases

People in the construction industry who use service companies will not have to find the money to fund tax twice under both the construction industry deduction scheme and the IR35 rules for service companies as long as they claim their refund of construction scheme industry deductions before 31 January following the end of the relevant tax year.

This follows a new extra-statutory concession urgently requested for some time and finally issued at the eleventh hour by the Revenue. Welcome though it is there must be many persons affected who have been seriously concerned about the looming financial problem under IR35 on 19 April next. The text of the concession is as follows:

Extra-statutory Concession C32

'Under the service provision rules intermediaries such as personal service companies are required to account for tax and National Insurance contributions by 19 April...