Amount of excess gilt interest paid— set off of tax nominally attributable to that amount against tax for other quarters6

1

Where for any quarter in an underwriting year there is an amount of excess gilt interest paid, the managing agent may claim to have the income tax nominally attributable to the amount of excess gilt interest paid set against income tax for which he is liable to account under regulation 5 for a previous quarter falling within the same underwriting year.

2

Any claim under paragraph (1) above shall be included in a return made for the quarter, and (where necessary) income tax paid by the managing agent under these Regulations for that underwriting year and before the claim is allowed shall be repaid accordingly.

3

Subject to paragraph (1) above, where for any quarter other than the final quarter in an underwriting year there is an amount of excess gilt interest paid, any income tax for which the managing agent would otherwise be accountable under regulation 5 for subsequent quarters falling within the same underwriting year shall be reduced by the income tax nominally attributable to the amount of excess gilt interest paid.