PART 2 Determination of a syndicate’s profit or loss

10 Effect of determinations on members
1 A determination of a syndicate’s profit or loss for an underwriting year (whether as originally made or as amended or corrected) and any apportionment under regulation 9 shall, for the purpose of determining the liability to tax of each member of the syndicate, be conclusive against that member that the syndicate’s profit or loss for that year, or the member’s share of it, as the case may be, is as there stated.
2 Where a determination of a syndicate’s profit or loss for an underwriting year is amended or corrected at any time after the issue of a notice of assessment assessing any member of the syndicate to tax—
(a) (i) in relation to members who are individuals, section 31A of the Management Act (notice of appeal) and section 55 of that Act (recovery of tax not postponed), and
1970 c. 9; section 31A was inserted by paragraph 11 of Schedule 29 to the Finance Act 2001 (c. 9).
(ii) in relation to corporate members, paragraph 48 of Schedule 18,
shall have effect, in relation to that member, as if any reference to the date of the notice of assessment, or the date of the issue of the notice of assessment, were a reference to the date of the amendment or correction; and
(b) in the case of an amendment, an assessment which gives effect to the determination as amended shall not be out of time if it is made within one year of the date of the amendment.
3 Paragraph (2)(b) shall not apply in the case of an HMRC amendment under regulation 6 which is made later than six years after the end of the last year during which, or during any part of which, the syndicate continues.