The Income Tax (Life Assurance Premium Relief) Regulations 1978

Supplementary statements

7.—(1) When a payment has been made to a life office under Regulation 6(5) above on an interim claim in advance, the life office shall deliver to the Board a supplementary statement under this Regulation, and (except where paragraph (5)(b) below applies) shall deliver the statement within two months after the end of the period for which the claim was made.

(2) The supplementary statement shall be a statement correcting (or confirming) the estimate of the deficiency given in accordance with Regulation 6(4) above, and shall—

(a) be based as far as possible on the amount of the premiums actually received in the period covered by the statement, and only as far as may be necessary on a revised estimate, and

(b) (subject to paragraph (5) below) be for the same period as the interim claim in advance;

and any estimate contained in the supplementary statement shall be certified by an authorised officer of the life office as the best estimate that can reasonably be made.

(3) If the supplementary statement shows a deficiency greater than the payment made under Regulation 6(5), the Board shall if satisfied with the statement pay the amount of the difference to the life office forthwith by way of supplementary payment on the claim; if the supplementary statement shows a deficiency less than the payment made under Regulation 6(5), the life office shall repay the amount of the difference to the Board with the statement.

(4) If in respect of an interim claim on which a payment has been made under Regulation 6(5) above a life office fails to deliver a supplementary statement within the time required by this Regulation, the amount of the payment shall immediately be recoverable by the Board in the same manner as tax charged by an assessment which has become final and conclusive.

(5) Where the interim claim in advance was for an income tax month the life office shall (instead of delivering a statement for that month) deliver a supplementary statement for each of the relevant calendar months, and the supplementary statement for a relevant calendar month shall—

(a) provide the information required by paragraph (2) above in respect of that month, and

(b) be delivered within two months and five days after the end of that month.