A retention is your money - use the law to get it back
Series: Construction News ; (6815) 15 May 2003, 2 | Construction News ; (6818) 5 June 2003, 19(2)Publication details: 2003Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS66756 (Browse shelf(Opens below)) | 1 | Available | 122678-1001 |
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.