The Reporting on Payment Practices and Performance (Amendment) (No.2) Regulations 2024
On Monday 7 October the Department for Business and Trade (DBT) laid The Reporting on Payment Practices and Performance (Amendment) (No.2) Regulations 2024.
These Regulations amend existing regulations, which impose a requirement on large companies and limited liability partnerships (LLPs) to publish certain information twice per financial year about their practices, policies and performance in relation to paying suppliers.
Qualifying companies and LLPs will be required to publish certain information on their practices, policies and performance with respect to retention clauses in any qualifying construction contracts with suppliers. This measure will help increase transparency around retention policies and performance, and encourage improved payment practices.
Regulations can be found here.
