530S New Scheme of Relevant Contracts Tax

Section 530S requires a principal, prior to notifying the Revenue Commissioners of a payment, to obtain from the subcontractor a statement setting out details of the work giving rise to the payment and the cost of the work. It requires a subcontractor to keep and maintain records of all relevant payments and to supply a principal with all such information and particulars as are necessary for the principal to comply with the Chapter. The section also includes provision for the making of regulations governing the creation, keeping and retention of records by principals and subcontractors.

Relevant Date: Finance Act 2021