Finance Act 1994

221 Assessment and collection of tax. U.K.

(1) Subject to subsection (2) below, Schedule 19 (Lloyd’s underwriters: assessment and collection of tax) to the M1 Finance Act 1993 (“the 1993 Act”) shall apply in relation to corporate members as it applies in relation to other members.

(2) In its application to a corporate member, paragraph 13 of that Schedule shall have effect as if—

(a) in sub-paragraph (3)(b), the reference to the members’ agent of each member were a reference to each corporate member itself;

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) in sub-paragraph (4), the reference to section 824 of the Taxes Act 1988 were a reference to section 826 of that Act (interest on tax overpaid); F2 . . .

F2 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 221(2)(b) repealed (31.7.1997 with effect as mentioned in the Note to Sch. 8 Pt. II(5) of the repealing Act) by 1997 c. 58, s. 52, Sch. 8 Pt. II(5)

F2 S. 221(2)(d) and the preceding word “and ” repealed (31.7.1997 with effect as mentioned in the Note to Sch. 8 Pt. II(5) of the repealing Act) by 1997 c. 58, s. 52, Sch. 8 Pt. II(5)

Marginal Citations

M1 1993 c.34.