The Lloyd's Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995
© Crown Copyright 1995 Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament. The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users. It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document. The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Lloyd's Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995, ISBN 0110525507. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk. Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| ||||||||
INCOME TAX The Lloyd's Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995
1.—(1) These Regulations may be cited as the Lloyd's Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 and shall come into force on 9th March 1995. (2) Except as otherwise provided these Regulations shall have effect for the years of assessment 1992-93 to 1996-97.
2.—(1) In these Regulations unless the context otherwise requires—
(2) For the purposes of these Regulations an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment.
3.—(1) For the purposes of Part II of Schedule 19[4] and of these Regulations, if the person who is acting as a members' agent in respect of an underwriting year corresponding to a year of assessment (in this regulation referred to as "the original year of assessment") is different from the person who was so acting at the end of that underwriting year (in this regulation referred to as "the original agent"), then "members' agent" has the meaning given by sub-paragraph (a) or, as the case may be, sub-paragraph (b) of paragraph (2) below. (2) If the original agent ceases to act—
(3) This regulation shall have effect for the years of assessment 1992-93 and 1993-94 only.
4. The like provisions as are contained in the Taxes Acts relating to the assessment and collection of tax shall have effect in relation to income tax charged in accordance with section 171 of the Finance Act 1993[5], but subject to regulations 6 to 12, 14 and 15 below and regulations 5 to 8 of the Lloyd's Underwriters (Tax) Regulations 1995[6].
(2) This regulation shall have effect for the years of assessment 1992-93 and 1993-94 only.
6.—(1) The like provisions as are specified in paragraph (2) below shall have effect in relation to the assessment of tax as if the modifications specified in that paragraph had been made. (2) In the Management Act—
(3) This regulation shall have effect for the year of assessment 1992-93 only.
(2) In the Management Act—
(3) This regulation shall have effect for the years of assessment 1993-94 and 1994-95 only.
8.—(1) Subject to paragraph (2) below—
(2) Tax charged by an assessment made less than 30 days before, or made after, the date specified in sub-paragraph (a) or (b) of paragraph (1) above shall be payable at the expiration of a period of 30 days beginning with the date of the issue of the notice of assessment. (3) This regulation shall have effect for the year of assessment 1992-93 only.
(2) Tax charged by an assessment made less than 30 days before, or made after, the date specified in sub-paragraph (a) or (b) of paragraph (1) above shall be payable at the expiration of a period of 30 days beginning with the date of the issue of the notice of assessment. (3) This regulation shall have effect for the year of assessment 1993-94 only.
(2) Tax charged by an assessment made less than 30 days before, or made after, 31st January 1998 shall be payable at the expiration of a period of 30 days beginning with the date of the issue of the notice of assessment. (3) This regulation shall have effect for the years of assessment 1994-95 to 1996-97 only.
11.—(1) For the purposes of paragraph 10 of Schedule 19[10], a members' agent shall be deemed not to have failed to deliver a return of the member's profit within the time specified in sub-paragraph (5) of that paragraph if he delivered it within such further time, if any, as the inspector may have allowed. (2) Where a members' agent had a reasonable excuse for not delivering the return of the member's profit, he shall be deemed not to have failed to deliver it unless the excuse had ceased and, after the excuse ceased, not to have failed to deliver it if he did so without unreasonable delay after the excuse had ceased. (3) This regulation shall have effect for the years of assessment 1992-93 and 1993-94 only.
12.—(1) If a members' agent alleges that a statement of the amount of tax payable in the case of a member's profit under paragraph 10(1)(c) of Schedule 19 was excessive because of some error or mistake in a return made by him under paragraph 10(1) of that Schedule, he may by notice in writing at any time not later than six years after the end of the closing year relating to the year of assessment make a claim to the Board for relief. (2) On receiving the claim the Board shall inquire into the matter and having regard to all the relevant circumstances of the case, but subject to paragraph (3) below, give by way of repayment or otherwise such relief in respect of the error or mistake as is reasonable and just. (3) No relief shall be given under this regulation in respect of an error or mistake as to the basis on which a syndicate profit or loss, or as the case may be a member's profit, ought to have been computed where the return was in fact made on the basis or in accordance with the practice generally prevailing at the time when the return was made. (4) An appeal may be brought against the decision of the Board on the claim by giving written notice to the Board within 30 days of receipt of written notice of that decision, and the Special Commissioners shall hear and determine the appeal in accordance with the principles to be followed by the Board in determining claims under this regulation; and either the appellant or the Board shall be entitled to appeal against the determination of the Special Commissioners under the like provisions as are contained in section 56A of the Management Act[10] but only on a point of law arising in connection with the computation of the amount of tax payable in the case of the member's profit. (5) In this regulation "return" includes the documents referred to in paragraphs (a) and (b) of paragraph 10(1) of Schedule 19. (6) This regulation shall have effect for the years of assessment 1992-93 and 1993-94 only.
13.—(1) Where for an underwriting year corresponding to a year of assessment (in this regulation called "the basis year") the accounts of a syndicate remain open beyond the end of the closing year, any profits or losses of a member's underwriting business which arise—
(2) Where in a case to which paragraph (1) above applies the member dies and the underwriting year corresponding to the year of assessment in which he died is earlier than the underwriting year to which the profits or losses of his underwriting business referred to in that paragraph are deemed to be referable or allocated by virtue of that paragraph, the profits or losses in question shall be deemed, for the purposes of section 171 of the Finance Act 1993 and all other purposes of the Income Tax Acts, to be referable or allocated to the underwriting year corresponding to the year of assessment in which he died. (3) This regulation shall have effect in relation to profits or losses of a member's underwriting business arising in the underwriting year 1994 or 1995.
14.—(1) Where a claim or application or election falls to be made by a member or his spouse (or both) under a provision specified in the first column of the Schedule to these Regulations, that provision shall have effect as if it imposed the extended time limit specified in the second column of that Schedule. (2) This regulation shall have effect for the years of assessment 1992-93 and 1993-94 only.
(2) This regulation shall have effect for the year of assessment 1994-95 only.
Notes: [1] 1993 c. 34. Subsections (2) to (4) of section 182 were repealed by paragraph 7 of Schedule 21 and Part V(25) of Schedule 26 to the Finance Act 1994 (c. 9) with effect for the year 1997-98 and subsequent years of assessment. The definition of "member" in section 184(1) was amended by paragraph 8(1)(b) of Schedule 21 to the Finance Act 1994. See also the definition of "members' agent" in section 184(1). back [2] 1992 c. 12. Subsection (6) of section 209 was amended by section 183(8)(b) of the Finance Act 1993, and subsections (2) and (6) were repealed by Part III(12) of Schedule 23 to the Finance Act 1993 with effect for the year 1994-95 and subsequent years of assessment. back [4] Part II of Schedule 19 was repealed by section 228(3) of, and paragraph 10 of Schedule 21 and Part V(25) of Schedule 26 to, the Finance Act 1994 with effect for the year 1994-95 and subsequent years of assessment. back [5] Section 171 was amended by section 228(3) of, and by paragraph 1 of Schedule 21 and Part V(25) of Schedule 26 to, the Finance Act 1994. back [7] Section 207 was repealed by Part III(12) of Schedule 23 to the Finance Act 1993 with effect for the year 1994 and subsequent underwriting years. back [8] Section 36 was substituted by section 149(1) of the Finance Act 1989 (c. 26). back [9] Section 40(2) was amended by section 149(4)(a)(ii) of, and Part VIII of Schedule 17 to, the Finance Act 1989. back [10] Paragraph 10 of Schedule 19 was repealed by section 228(3) of, and paragraph 10 of Schedule 21 and Part V(25) of Schedule 26 to, the Finance Act 1994 with effect for the year 1994-95 and subsequent years of assessment. back |
|
||
| Other UK SIs | Home | National Assembly for Wales Statutory Instruments | Scottish Statutory Instruments | Statutory Rules of Northern Ireland | Her Majesty's Stationery Office | ||
|
|
||
| We welcome your comments on this site | © Crown copyright 1995 | Prepared 20th September 2000 |