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

Reasonable excuse

5.—(1) For the purposes of Schedule 19A, a managing agent shall be deemednot to have failed—

(a) to deliver a return of a syndicate profit or loss within the timespecified in paragraph 2(2) of that Schedule(1), or

(b) to deliver a return apportioning a syndicate profit or loss withinthe period referred to in paragraph 7(3) of that Schedule(2),

if he delivered it within such further time, if any, asthe inspector may have allowed.

(2) For the purposes of paragraph 2B of Schedule 19A(3) a members' agent shall be deemed not to have failed todeliver a return of the member’s profit within the time specified insub-paragraph (3) of that paragraph if he delivered it within suchfurther time, if any, as the inspector may have allowed.

(3) Where a managing agent or a members' agent had a reasonable excusefor not delivering such a return as is mentioned in paragraph (1) or (2)he shall be deemed not to have failed to deliver it unless the excusehad ceased and, after the excuse ceased, not to have failed to deliverit if he did so without unreasonable delay after the excuse had ceased.

(1)

Paragraph 2 was substituted by S.I. 1990/2524.

(2)

Paragraph 7 was amended by S.I. 1990/2524.

(3)

Paragraph 2B was inserted by S.I. 1990/2524.