PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
Underwriters
C1451 Regulations.
1
The Board may by regulations provide—
F1a
for the assessment and collection of tax charged in accordance with section 450 (so far as not provided for by Schedule 19A);
aa
for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of that Schedule as appear to the Board to be expedient having regard to those changes;
b
M1for modifying the provisions of section 450 in relation to syndicates continuing for more than two years after the end of an underwriting year;
c
for giving credit for foreign tax.
F21A
Regulations under subsection (1) above may make provision F3with respect to any year or years of assessment; and the year (or any of the years) may be the one in which the regulations are made or any year falling before or after the year..
F41B
But the regulations may not make provision with respect to any year of assessment which precedes the next but one preceding the year of assessment in which the regulations are made.
2
M2The Treasury may by regulations modify any of the provisions specified in paragraphs (a) to (c) below in their application to companies permitted by the Council of Lloyd’s to act as underwriting agents at Lloyd’s—
a
section 11 of the Management Act (return of profits);
b
section 87A of that Act (interest on overdue corporation tax); and
c
section 10(1) of this Act.
3
Regulations under subsection (2) above shall not have effect with respect to accounting periods ending on or before such day, not being earlier than 31st March 1992, as the Treasury may by order appoint for the purposes of that subsection.
C24
M3Regulations made under paragraph 17(1)(b) of Schedule 16 to the Finance Act 1973 which are in force immediately before the coming into operation of this Act shall continue in force notwithstanding the repeal of that paragraph by this Act, and shall be deemed to have been made under this section.