E5.547AE Construction Industry Scheme—Security For CIS Payments—Application For Reduction In The Value Of Security Held

Home / Simons-Taxes /Personal and employment tax /Part E5 Special classes of individual /Division E5.5 Subcontractors in the construction industry /Construction industry scheme—deductions on account of tax / E5.547AE Construction industry scheme—security for CIS payments—application for reduction in the value of security held

Commentary

Personal and employment tax

Provision is made for a person who has given security (PGS) in relation to a construction industry scheme (CIS) payment to apply to an officer of HMRC for a reduction in the value of security that HMRC hold¹.

A PGS may apply to an officer of HMRC for a reduction in the value of security held by HMRC if:

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•�� PGS's circumstances have changed since the day the security was given because:

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E5.406A Employees of European Union institutions—tax exemptions

C1.106 Allowable capital losses

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