TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

Revenue eBrief No. 58/12 – RCT for Principal Contractors – Extension of Transitional Arrangement

This eBrief is of interest to Principal Contractors who have engaged a subcontractor on more than one contract at the same time.

A principal who has entered into more than one contract with a subcontractor and who is making a single payment to the subcontractor in respect of more than one contract, is required to make a separate payment notification to Revenue for the payment due under each contract. See Regulation 5 (3) (b) of the Income Tax and Corporation Tax Regulations 2011 (Relevant Contracts Tax).

This requirement was relaxed for 2012 to assist principals in their transition to the new RCT system. The transitional arrangement provided that a principal who had more than one contract with a subcontractor was given the option of notifying one contract to Revenue and recording all of the payments to the subcontractor under that contract.

In recognition of the difficulties that some principals have in meeting this requirement, the Revenue Commissioners are now extending this transitional arrangement to 30th June 2013.

Principals are reminded that the transitional arrangement is optional and principals who are in a position to meet their obligations should continue to do so. Where a principal is availing of the transitional arrangement, the estimated value and the end date on the contract should be amended accordingly.

Source: Revenue Commissioners. www.revenue.ie. Copyright Acknowledged