The Department for Business and Trade (DBT) has confirmed that the draft legislation to amend the Reporting on Payment Practices and Performance Regulations to introduce new metrics on retentions has been withdrawn. This is as a result of the General Election, which means there is now insufficient time for the legislation to be completed before the intended commencement date of 1 October 2024, and DBT is working with the new Ministers to confirm a revised date. New metrics on the value of invoices paid and disputed invoices will still come into force as planned from 1 January 2025.
Public bodies in Scotland are now required to publish a retention policy statement on their website by 31 August 2024, in accordance with CPN 1/2024 published last month. The statement, which must be reviewed on an annual basis, should cover the public body’s strategic approach to retentions and the factors which determine their use.
