SCHEDULES
F1F2SCHEDULE 19A UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX
Sch. 19A repealed and superseded (with Sch. 19 of the amending Act) (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 173(2), 213, Sch. 23 Pt. III(12) Note 5
F3 Repayment claims by managing agent
S.I. 1990 No.2524 reg. 4coming into force 2January 1991for 1988-89and subsequent years.
2A
1
In relation to an underwriting year a managing agent may, by notice in writing at any time during the period of six years beginning with 1st March in the closing year for that year, make a claim to the inspector for the repayment of tax suffered by way of deduction on the syndicate investment income allocated to that year in accordance with the rules or practice of Lloyd’s.
2
The managing agent shall provide such information in support of the claim as the inspector may reasonably require.
3
Where an amount is repaid to the managing agent under this paragraph, he shall apportion the amount repaid between the members of the syndicate in proportion to their interests in that part of the syndicate investment income which has suffered tax by way of deduction and, where there is a syndicate profit available for distribution to the members, shall pay the amount so apportioned to the members’ agent in relation to each member within 90 days of receipt.
4
The provisions of section 824 shall not apply to any repayment of tax made under this paragraph.
Sch. 19A inserted (1988-89 and subsequent years) by Finance Act 1988 (c. 39), s. 58(4)(a)(5), Sch. 5