PAYE. The UK Companies have properly operated the Pay As You Earn (“PAYE”) system in all material respects deducting income tax from all payments to, or treated as made to, employees and ex-employees of it and have accounted to HM Revenue & Customs for all tax so deducted and all tax chargeable on benefits provided to their employees and all returns have been punctually made and were at the time of submission and remain accurate and complete in all material respects and the UK Companies has not been subject to a PAYE audit in the last six years.
Appears in 2 contracts
Sources: Transaction Agreement and Plan of Merger, Transaction Agreement and Plan of Merger (Merrill Lynch & Co Inc)