SCHEDULES

F1SCHEDULE 20AF3F4Lloyd’s underwriters: conversion to underwriting through partnership or company

Annotations:
Amendments (Textual)
F1

Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3

Part 3Supplementary provisions

Withdrawal of resignation notice

F29A

1

This paragraph applies if—

a

a person makes a claim for relief under or by virtue of Part 1A of this Schedule, and

b

the Lloyd’s partnership in respect of which the claim is made withdraws the notice of its resignation from Lloyd’s.

2

The person must give written notice of such withdrawal to an officer of Revenue and Customs.

3

Such a notice must be given no later than 6 months from the date on which the person first became aware of the withdrawal of the notice of resignation.

4

Unless the person proves otherwise, it shall be assumed that the person became aware of the withdrawal of the notice on the day on which it was withdrawn.

5

All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).

6

If a person fails, carelessly or deliberately, to comply with sub-paragraph (2) or (3) above, Schedule 24 to the Finance Act 2007 shall apply as if—

a

the person had given HMRC a document of a kind listed in the Table in paragraph 1 of that Schedule, and

b

the document contained an inaccuracy which was careless or deliberate on the person’s part and amounted to an understatement of a liability to tax equivalent to the amount of the adjustments required by sub-paragraph (5) to be made.

7

In this paragraph “tax” means income tax, capital gains tax or inheritance tax.