Taxes Consolidation Act 1997 section 530S

Record keeping

Section 530S sets out the record-keeping requirements for principals and subcontractors under the relevant contracts tax (RCT) system.

• Before submitting a payment notification to Revenue, a principal must obtain from the subcontractor a statement setting out details of the work, its cost, and the subcontractor's name, business address and tax reference number.
• Where work is carried out by a gang, group or partnership, the statement must include the name, business address and tax reference number of the gang, group or partnership, together with the names of the individual members.
• Subcontractors must provide principals with all information needed to comply with RCT obligations, and must keep records of all relevant payments received, including the date, amount, tax deducted and the name of the payer, along with copies of each deduction authorisation.
• Revenue may make regulations governing the creation, keeping and retention of records by principals and subcontractors, including by electronic means.