PART 3Tax and administration of accounts
Administration of tax in relation to accounts—supplementary37
1
Nothing in these Regulations shall be taken to prejudice any powers conferred or duties imposed by or under any enactment in relation to the making of returns of income or gains, or for the recovery of tax, penalties or interest by means of an assessment or otherwise.
2
Notwithstanding the provisions of these Regulations an account provider shall not be released from obligations under these Regulations in relation to an account except under conditions agreed in writing with and notified to that person by the Board.
3
The provisions contained in the Management Act M1 shall apply to any assessment under these Regulations as if it were an assessment to tax for the year in which, apart from these Regulations, the named child would have been liable (by reason of his ownership of the investments).
4
No obligation as to secrecy imposed by statute or otherwise shall preclude the Board from disclosing to an account provider or registered contact that any provision of these Regulations has not been satisfied or that relief has been given or claimed in respect of investments under an account.
5
If—
a
a chargeable event, within the meaning given by Chapter 2 of Part 13 of the Taxes Act M2, has happened in relation to a policy of life insurance which is an account investment, and
b
the body by whom the policy was issued is satisfied that no gain is to be treated as chargeable to tax on the happening of the event by virtue of regulation 24(a)(v),
the body shall not be obliged to deliver the certificates mentioned in section 552(1) of that Act.
This paragraph does not prevent the operation of section 552(1) in a case to which regulation 38(1) applies.
6
Where—
a
it comes to the notice of the account provider, in any manner, that the event specified in regulation 12(11) has occurred in relation to a policy, and
b
the account provider is not the insurer for the time being responsible for the obligations under the policy or, where the policy is not still in existence, the person who was the last such insurer,
the account provider shall, within 30 days of the event coming to his notice give notice to that insurer, specifying the event mentioned in sub-paragraph (a) and the termination event.