The Income Tax (Life Assurance Premium Relief) Regulations 1978

Annual claims

9.—(1) An annual claim for the claimant's financial year may, subject to paragraph (2) below, be made at any time within six years after the end of the financial year.

(2) Where in relation to any financial year a life office has received and not repaid any payment on a relevant interim claim, it shall within one year after the end of the financial year make an annual claim to establish the deficiency for that year.

In this Regulation “relevant interim claim” means, in relation to a financial year, an interim claim for a period falling wholly or partly within that year.

(3) An annual claim shall be a claim to establish and, so far as not already recovered, to recover the deficiency arising in respect of premiums actually received in the year and may not be based on an estimate.

(4) An annual claim required under paragraph (2) above shall bring into account payments made on relevant interim claims, and shall apportion as may be necessary any payment made on a relevant interim claim for any period falling partly in a different year; and for the purpose of this Regulation the “aggregate of the relevant interim payments” means the aggregate of the payments made (and not repaid) on relevant interim claims but excluding any part of a payment apportioned to a different year.

(5) Where the aggregate of the relevant interim payments shown by a claim exceeds the deficiency for the year shown by the claim, the life office shall repay the amount of the excess to the Board with the claim.

(6) If a life office fails to make an annual claim required under paragraph (2) above within the time limited by that paragraph, the Board may issue a notice to the life office showing the aggregate of the relevant interim payments for the year, and stating that the Board are not satisfied that the deficiency for the year exceeds a lower amount stated in the notice.

(7) If an annual claim is not delivered to the Board within two weeks after the issue of a notice under paragraph (6) above the amount of the difference between the aggregate and the lower amount stated in the notice shall immediately be recoverable by the Board in the same manner as tax charged by an assessment which has become final and conclusive.

(8) Where an annual claim has been made and the claimant subsequently discovers that an error or mistake has been made in the claim, the claimant may make a supplementary claim within the time allowed by paragraph (1) above.