Finance Act 1976

16 (1) The Board may make regulations for carrying the preceding provisions of this Schedule into effect.

(2) Without prejudice to the generality of sub-paragraph (1) above, regulations under this paragraph may provide—

(a) for the manner in which claims for the recovery of any sum under paragraph 5(b) above may be made ;

(b) for the furnishing of such information by persons by or to whom premiums are payable as appears to the Board necessary for deciding such claims and for exercising their powers under paragraph 14 or paragraph 15 above ; and

(c) for requiring persons to whom premiums are paid to make available for inspection by an officer authorised by the Board such books and other documents in their possession or under their control as may reasonably be required for the purpose of determining whether any information given by those persons for the purposes of this Schedule is correct and complete.

(3) In section 98 of the Taxes Management Act 1970 (penalty for failure to furnish information etc.) the following shall be added in the second column of the Table:

“Regulations under paragraph 16 of Schedule 4 to the Finance Act 1976”.

(4) The following provisions of the Taxes Management Act 1970, that is to say—

(a) section 29(3)(c) (excessive relief);

(b) section 30 (recovery of tax repaid in consequence of fraud or negligence);

(c) section 88 (interest); and

(d) section 95 (incorrect return or accounts);

shall apply in relation to the payment of a sum claimed under paragraph 5(b) above to which the claimant was not entitled as if it had been income tax repaid as a relief which was not due.