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(1)Expressions used in this section or sections 206 to 208 and in sections 450 to 456 of the Taxes Act (Lloyds underwriters) have the same meanings as they have for the purposes of sections 450 to 456.
(2)The Board may by regulations provide—
(a)for the assessment and collection of tax charged in accordance with section 207;
(b)for modifying the provisions of that section in relation to syndicates continuing for more than 2 years after the end of an underwriting year;
(c)for giving credit for foreign tax.
(3)Subsection (4) below applies in the case of any provision of the Tax Acts, the Management Act, this Act or any other enactment relating to capital gains tax, which imposes a time limit for making a claim or an election or an application.
(4)The Board may by regulations provide that where the claim or election or application falls to be made by an underwriting member of Lloyd’s or his spouse (or both) the provision shall have effect as if it imposed such longer time limit as is specified in the regulations.
(5)Regulations under subsection (4) above may make different provision for different provisions or different purposes.
(6)Regulations under subsection (2) or (4) above may make provision with respect to any year or years of assessment; and the year (or any of the years) may be the one in which the regulations are made or any year falling before or after that year (including years earlier than 1992-93), but regulations under subsection (2) may not make provision with respect to any year of assessment which precedes the next but one preceding the year of assessment in which the regulations are made.
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