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Textual Amendments
F1Sch. 16A inserted by Finance Act 1988 (c. 39, SIF 63:1, 2), s. 58, Sch. 5
Modifications etc. (not altering text)
C1Sch. 16A amended by S.I. 1989/421 and Finance Act 1989 (c. 26, SIF 63:1), ss. 149, 170, 178, 179, 187, Sch. 17 Pt. VIII, Pt. X
C2Sch. 16A modified by S.I. 1990/627, regs. 1(1), 7, 10
C3The text of s. 59(3)(a), Sch. 16A, Sch. 21 para. 5 and Sch. 22 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
4(1)If the inspector is satisfied that a return under paragraph 2(1) above affords correct and complete information concerning the syndicate profit or loss for a year of assessment, he shall determine that profit or loss accordingly.U.K.
(2)If for a year of assessment the inspector is dissatisfied with a return under paragraph 2(1) above, or there is no such return, the inspector shall determine the syndicate profit or loss for that year to the best of his judgment.
(3)If the inspector discovers that a determination under sub-paragraph (1) or (2) above—
(a)understates the syndicate profits for the year of assessment; or
(b)overstates the syndicate losses for that year,
he may, by a determination under this sub-paragraph, vary the first-mentioned determination accordingly.
(4)Notice of a determination under this paragraph shall be served on the agent and shall state the time within which any appeal against the determination may be made under paragraph 5 below.
(5)After notice of a determination under this paragraph has been served on the agent, the determination shall not be altered except in accordance with the express provisions of the Taxes Acts.]