The Lloyd’s Underwriters (Tax) (1988–89) Regulations 1991

Error or mistake

7.—(1) If a members' agent alleges that a statement of the amount of taxpayable in the case of a member’s profit under paragraph 2B(1)(c) ofSchedule 19A was excessive because of some error or mistake in a returnmade by him under paragraph 2B(1) of that Schedule, he may by notice inwriting at any time not later than six years after the end of the yearof assessment 1990–91 make a claim to the Board for relief.

(2) On receiving the claim the Board shall inquire into the matter andhaving regard to all the relevant circumstance of the case, but subjectto paragraph (3), give by way of repayment or otherwise such relief inrespect of the error or mistake as is reasonable and just.

(3) No relief shall be given under this regulation in respect of anerror or mistake as to the basis on which a syndicate profit or loss, oras the case may be a member’s profit, ought to have been computed wherethe return was in fact made on the basis or in accordance with thepractice generally prevailing at the time when the return was made.

(4) An appeal may be brought against the decision of the Board on theclaim, by giving written notice to the Board within 30 days of receiptof written notice of that decision and the Special Commissioners shallhear and determine the appeal in accordance with the principles to befollowed by the Board in determining claims under this regulation; andeither the appellant or the Board shall be entitled to require a case tobe stated under the like provisions as are contained in section 56 ofthe Taxes Management Act 1970(1) but only on a point of law arising in connection withthe computation of the amount of tax payable in the case of the member'sprofit.

(5) In this regulation“return” includes the documents referred to in paragraph 2B(1)(a) and (b) ofSchedule 19A.

(1)

Section 56 was amended by the Finance (No. 2) Act 1975(c.45), section 45(3) and by the Finance Act 1984 (c. 43), section 127and Schedule 22, paragraph 6.