ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL This change has no implications for the amount of tax paid, who pays it or when. It affects (in principle but not in practice) only administrative matters.
Change 144: Deduction of tax: collection: deposit-takers, building societies and certain companies: payments made otherwise than in an accounting period: section 950
This change brings into line the information which is required to be included on a return if a payment is made otherwise than in an accounting period with the information which is required if a payment is made in an accounting period.
Paragraph 9 of Schedule 16 to ICTA does not have a specific information requirement. But all payments must be accounted for on returns which, according to section 113(1) of TMA, “… shall be in such form as the Board prescribe…”.
As the form prescribed already requires the information set out in section 950 this change will have no effect in practice.