The Lloyd’s Underwriters (Tax) (1989—90) Regulations1992

Reasonable excuse

5.—(1) For the purposes of Schedule 19A, a managing agent shall be deemed not to have failed—

(a) to deliver a return of a syndicate profit or loss within the time specified in paragraph 2(2) of that Schedule(1), or

(b) to deliver a return apportioning a syndicate profit or loss within the period referred to in paragraph 7(3) of that Schedule(2), inspector may have allowed.

(2) For the purposes of paragraph 2B of Schedule 19A(3) a members' agent shall be deemed not to have failed to deliver a return of the member’s profit within the time specified in sub-paragraph (3) of that paragraph if he delivered it within such further time, if any, as the inspector may have allowed.

(3) Where a managing agent or a members' agent had a reasonable excuse for not delivering such a return as is mentioned in paragraph (1) or (2) he shall be deemed not to have failed to deliver it unless the excuse had ceased and, after the excuse ceased, not to have failed to deliver it if he did so without unreasonable delay after the excuse had ceased.

(1)

Paragraph 2 was substituted by S.I. 1990/2524.

(2)

Paragraph 7 was amended by S.I. 1990/2524.

(3)

Paragraph 2B was inserted by S.I. 1990/2524.