Finance Act 1993 (c. 34)

SCHEDULES

SCHEDULE 19 U.K. Lloyd’s underwriters: assessment and collection of tax

Modifications etc. (not altering text)

C1 Sch. 19 extended (with modifications) (3.5.1994) by 1994 c. 9, s. 221(1) (subject to s. 221(2))

Part I U.K. Determination of a syndicate’s profit or loss

Returns by managing agent U.K.

2 (1) An inspector may, at any time [F1 after the beginning of a year of assessment], by notice in writing to a syndicate’s managing agent require him to deliver to the inspector, on or before the final day determined under sub-paragraph (2) below, a return of the syndicate’s profit or loss for the year of assessment— U.K.

(a) containing such information as may be required in pursuance of the notice; and

(b) accompanied by such accounts, statements and reports as may be so required.

(2) The final day for the delivery of any return required by a notice under sub-paragraph (1) above is whichever is the later of—

(a) [F2 1st September in the year of assessment]; and

(b) the end of the period of three months beginning on the day following that on which the notice was served.

(3) If a syndicate’s managing agent, having been required by a notice under sub-paragraph (1) above to deliver a return, fails to deliver the return on or before the final date for its delivery, he shall be liable to a penalty equal to the prescribed amount multiplied by the number of days on which the failure continues.

(4) In sub-paragraph (3) above “the prescribed amount” means £60 for each fifty members of the syndicate (counting any number of members less than fifty, and any number left over, as fifty).

(5) If a syndicate’s managing agent fraudulently or negligently delivers an incorrect return under sub-paragraph (1) above, he shall be liable to a penalty not exceeding £3,000 multiplied by the number of members of the syndicate.

(6) In relation to a return required by a notice under sub-paragraph (1) above—

(a) any reference in sub-paragraph (2) or (3) above to the delivery of the return is a reference to its delivery together with the accompanying documents referred to in sub-paragraph (1) above; and

(b) the reference in sub-paragraph (5) above to the return being incorrect includes a reference to any of those documents being incorrect.

Textual Amendments

F1 Words in Sch. 19 para. 2(1) substituted (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 9(1)(3)

F2 Words in Sch. 19 para. 2(2) substituted (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 9(2)(3)