3.—(1) A managing agent for a syndicate shall for each underwriting year make, in accordance with these Regulations, returns to an officer of the Board of—
(a)amounts of any payments of interest on relevant gilt-edged securities which are made without deduction of tax to the trustees of premiums trust funds of members of that syndicate, and
(b)amounts of tax for which he is to be accountable under these Regulations in respect of those payments.
(2) Subject to regulation 7(2), a return shall be made for each complete quarter falling within the underwriting year, that is to say, each of the periods of three months ending with 31st March, 30th June, 30th September and 31st December which falls within that underwriting year.
(3) A return for any quarter shall be made within 14 days from the end of that quarter.