F1SCHEDULE 20ALloyd’s underwriters: conversion to underwriting through partnership or company
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otherwise, it shall be assumed that the person became aware of the withdrawal of the notice on the day on which it was withdrawn.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.