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SCHEDULES

SCHEDULE 7Insurance premium tax

Part IVPenalties

Civil penalties

20For the purposes of paragraphs 14(3), 15(5), 17(3), 18(2) and 19(4) above—

(a)an insufficiency of funds available for paying any amount is not a reasonable excuse, and

(b)where reliance is placed on any other person to perform any task, neither the fact of that reliance nor any conduct of the person relied upon is a reasonable excuse.