530S Record keeping

Summary

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.

Details

(1) Prior to submitting a payment notification, a principal should obtain from the subcontractor a statement setting out details of the work giving rise to the payment, the cost of the work and the subcontractors details.

(2) Where the work is being carried out by a partnership the statement shall include details of the partnership and details of the individual partners.

(3) Subcontractors are required to provide the principal with all details required by the principal to enable the principal to fulfil their RCT obligations.

(4)(a) Subcontractors are required to keep and maintain a record of all relevant payments received and the record shall contain full details of each payment.

(4)(b) Subcontractors are required to keep a copy of each deduction authorisation or the details of each deduction authorisation supplied by principals under section 530F(4)(a) or section 530F(4)(b).

(5) The obligations contained in subsections (3) and (4) of section 886 apply to all records, documents or other data created or maintained under this Chapter.

(6) The Revenue Commissioners shall make regulations in relation to the creation, keeping and retention of records by principals and subcontractors

Relevant Date: Finance Act 2025