SCHEDULES

C1C2[SCHEDULE 19A UNDERWRITERS: ASSESSMENT AND COLLECTION OF TAX

Annotations:
Modifications etc. (not altering text)
C1

Sch. 19A amended for the year of assessment 1988-89 by S.I. 1991/851, reg. 5(1).

Sch. 19A modified for the year of assessment 1988-89 by S.I. 1991/851, reg.8.

Sch. 19A modified (28.3.1992 with effect for the year of assessment 1989-1990 only) by S.I. 1992/511, regs. 1(1), 5(1),8

C2

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.

Determinations by inspector

4

1

If the inspector is satisfied that a return under paragraph 2(1) above affords correct and complete information concerning the syndicate profit or loss for a year of assessment, he shall determine that profit or loss accordingly.

2

If for a year of assessment the inspector is dissatisfied with a return under paragraph 2(1) above, or there is no such return, the inspector shall determine the syndicate profit or loss for that year to the best of his judgment.

3

If the inspector discovers that a determination under sub-paragraph (1) or (2) above—

a

understates the syndicate profits for the year of assessment; or

b

overstates the syndicate losses for that year,

he may, by a determination under this sub-paragraph, vary the first-mentioned determination accordingly.

4

Notice of a determination under this paragraph shall be served on the [managing F1] agent and shall state the time within which any appeal against the determination may be made under paragraph 5 below.

5

After notice of a determination under this paragraph has been served on the [managing F1] agent, the determination shall not be altered except in accordance with the express provisions of the Taxes Acts.