86(1)This paragraph applies where a company tax return is delivered by an insurance company which is permitted by [F1a direction under section 148 of the Financial Services and Markets Act 2000] to cause investigations to be made into its financial condition less frequently than is required by section 18 of that Act.U.K.
(2)Where this paragraph applies—
(a)the company may make any amendments of its return arising from the relevant investigation at any time within twelve months from the date as at which that investigation is carried out, and
(b)the Inland Revenue may give notice of enquiry into the return at any time up to two years from that date.
(3)“The relevant investigation” means—
(a)if the return is for a period as at the end of which there is carried out an investigation under section [F29.4 of the Prudential Sourcebook (Insurers)] into the financial condition of the company, that investigation;
(b)if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.
[F3(4)In sub-paragraph (1) “the Prudential Sourcebook (Insurers)" means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000.]
Textual Amendments
F1Words in Sch. 18 para. 86(1) substituted (1.12.2001) by S.I. 2001/3629, art. 103(1)(3)(a)
F2Words in Sch. 18 para. 86(3) substituted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(1)(3)(b)(5)
F3Sch. 18 para. 86(4) inserted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(3)(c)(5)