Income Tax (Pay As You Earn) (Amendment) Regulations 2012 come into force
Implementation date: 6 April 2012
The Regulations amend the Income Tax (Pay As You Earn) Regulations 2003 (SI 2003/2682) pursuant to the introduction of real time information. They also make other amendments to the Regulations, including: changes relating to the closure of the simplified PAYE deduction scheme to new employers from 6 April 2012; deletion of regs.37(2A) and 37(2B), which provided for the basic rate of tax to apply when deducting tax from payments in the form of securities, interests in securities or securities options; and giving HM Revenue and Customs the power to ask employers to pay a security for the payment of PAYE. The Regulations can be viewed on the UK legislation website.