A retention is your money - use the law to get it back
Klein, R.
A retention is your money - use the law to get it back - 2003 - Construction News (6815) 15 May 2003, 2 Construction News (6818) 5 June 2003, 19(2) .
Examines retentions in the light of a recent Inland Revenue decision that firms can defer paying their corporation tax on retentions until such monies are received. Suggests contractors always ask why retentions are required or alternatively recommends use of retention bonds. Advocates half is returned on practical completion of subcontract works and half at the end of the defects liability period. Warns of the payment provisions of the Housing Grants, Construction and Regeneration Act 1996 and gives useful advice on the form letters can take.
HOUSING GRANTS, CONSTRUCTION AND REGENERATION ACT 1996
RETENTIONS
CORPORATION TAX
DEFECTS LIABILITY
RETENTION BONDS
LATE PAYMENT OF COMMERCIAL DEBTS (INTEREST) ACT 1998
A retention is your money - use the law to get it back - 2003 - Construction News (6815) 15 May 2003, 2 Construction News (6818) 5 June 2003, 19(2) .
Examines retentions in the light of a recent Inland Revenue decision that firms can defer paying their corporation tax on retentions until such monies are received. Suggests contractors always ask why retentions are required or alternatively recommends use of retention bonds. Advocates half is returned on practical completion of subcontract works and half at the end of the defects liability period. Warns of the payment provisions of the Housing Grants, Construction and Regeneration Act 1996 and gives useful advice on the form letters can take.
HOUSING GRANTS, CONSTRUCTION AND REGENERATION ACT 1996
RETENTIONS
CORPORATION TAX
DEFECTS LIABILITY
RETENTION BONDS
LATE PAYMENT OF COMMERCIAL DEBTS (INTEREST) ACT 1998