Modifications etc. (not altering text)
C1 For 1988-89and also as Schedule 16A to Finance Act 1973for 1986-87and 1987-88.See S.I.1990 No.627 (in Part III Vol.5)for regulations affecting Schedule 16Afor 1987-88.
Textual Amendments
F1S.I. 1990 No.2524 reg. 3(3)coming into force 2January 1991for 1988-89and subsequent years.
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 the 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 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 the 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; and in this sub-paragraph “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).
(4)If the managing agent fraudulently or negligently delivers an incorrect return under sub-paragraph (1) above, he shall be liable to a penalty not exceeding the prescribed amount multiplied by the number of members of the syndicate; and in this sub-paragraph “the prescribed amount” means £3,000.
(5)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 (4) above to the return being incorrect includes a reference to any of those documents being incorrect.