Financial: Late payers—the regs Late payment regs
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The Late Payment of Commercial Debts (Rate of Interest) (No 2) Order 1998* has come into force to replace the Late Payment of Commercial Debts (Rate of Interest) Order 1998 (SI 1998 No 2480), which, as a result of a technical point, were defective.
* SI 1998 No 2765 is available, price 65p, from the Stationery Office.
Capital allowances The Inland Revenue is consulting* on draft legislation to rewrite the provisions on capital allowances for industrial buildings. The consultation is part of the Tax Law Rewrite Project.
* Tax Law Rewrite—Exposure Draft No 3: Capital Allowances for Industrial Buildings is available free from the Inland Revenue Information Centre, Bush House, South West Wing, Strand, London WC2B 4RD. Tel: 0171 438 6420/5. It is also on the internet at http:Iluninv. ope n.go v. uklinrev Irewrite.htm Comments should be sent to Kirsty Plats, Tax Law Rewrite Project, Inland Revenue, Room 831, Bush House (see address above) by 15 January 1999.
Minimum wage
The Department of Trade and Industry has announced that the Low Pay Commission has been given a statutory base following the commencement of the National Minimum Wage Act 1998. The Commission will monitor the impact of the minimum wage, particularly with regard to: • pay, employment and competitiveness in low paying sectors and small companies; • young people, women, ethnic minorities, homeworkers and disabled people; • pay structures, including the effect on differentials and different pay systems; and • training, The Commission will review the position of 21-year-olds, in particular thether they should eventually receive the full adult rate. The Commission will report on these issues to the Prime Minister and the Secretary of State for Trade and Industry by December 1999.
In addition, National Minimum Wage Act 1998 (Commencement No 1 and Transitional Provisions) Order 1998* brings into force provisions specified in Sch 1 (as of 1 November 1998) and Sch 2 (as from 1 April 1999) of National Minimum Wage Act 1998. Transitional provisions are set out in Sch 3.
* SI 1998 No 2574 is available, price 65p, from the Stationery Office.