92 Regulations about underwriters etc.U.K.
(1)In section 451(1A) of the Taxes Act 1988 (regulations about underwriters)for the words from “with respect to” to the end there shall be substituted the words “with 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 that year.”
(2)The following subsection shall be inserted after section 451(1A) of that Act—
“(1B)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.”
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Subsection (5) below applies in the case of any provision of the Tax Acts,the M1Taxes Management Act 1970, F2. . ., which imposes a time limit for making a claim or an election or an application.
(5)The Board may by regulations provide that where the claim or election or application falls to be made by an underwriting member of Lloyd’s or hisspouse (or both) the provision shall have effect as if it imposed such longertime limit as is specified in the regulations.
(6)Regulations under subsection (5) above—
(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons;
(b)may make different provision for different provisions or different purposes.
(7)Regulations under subsection (5) above may make provision with respect to any year or years of assessment; and the year (or any of the years) may be theone in which the regulations are made or any year falling before or after that year.
Textual Amendments
F1S. 92(3) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 201(3), Sch. 11 paras. 22, 26(2), 27)
F2Words in s. 92(4) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 201(3), Sch. 11 paras. 22, 26(2), 27)
Marginal Citations