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Modifications etc. (not altering text)
2(1)An inspector may, at any time after the end of the closing year for a year of assessment, by notice in writing to a syndicate’s managing agent require him to deliver to the inspector, on or before the final day determined under sub-paragraph (2) below, a return of the syndicate’s profit or loss for the year of assessment—
(a)containing such information as may be required in pursuance of the notice; and
(b)accompanied by such accounts, statements and reports as may be so required.
(2)The final day for the delivery of any return required by a notice under sub-paragraph (1) above is whichever is the later of—
(a)the 1st September next following the end of the closing year for the year of assessment; and
(b)the end of the period of three months beginning on the day following that on which the notice was served.
(3)If a syndicate’s managing agent, having been required by a notice under sub-paragraph (1) above to deliver a return, fails to deliver the return on or before the final date for its delivery, he shall be liable to a penalty equal to the prescribed amount multiplied by the number of days on which the failure continues.
(4)In sub-paragraph (3) above “the prescribed amount” means £60 for each fifty members of the syndicate (counting any number of members less than fifty, and any number left over, as fifty).
(5)If a syndicate’s managing agent fraudulently or negligently delivers an incorrect return under sub-paragraph (1) above, he shall be liable to a penalty not exceeding £3,000 multiplied by the number of members of the syndicate.
(6)In relation to a return required by a notice under sub-paragraph (1) above—
(a)any reference in sub-paragraph (2) or (3) above to the delivery of the return is a reference to its delivery together with the accompanying documents referred to in sub-paragraph (1) above; and
(b)the reference in sub-paragraph (5) above to the return being incorrect includes a reference to any of those documents being incorrect.