PART 2Determination of a syndicate’s profit or loss
Relief in case of mistake in syndicate return8
1
In relation to both members who are individuals and corporate members, the like provisions as are contained in paragraph 51 of Schedule 18 shall apply with the modifications in paragraph (2).
2
For references to—
a
the company substitute references to the syndicate’s managing agent;
b
the payment of tax, an assessment or the profits of the company for corporation tax purposes substitute references to the syndicate determination;
c
the liability of the claimant or claimant company, treat them as including references to the liability of the members of the syndicate;
d
an accounting period (or periods) substitute references to the underwriting year to which the syndicate return relates (or would relate); and
e
the Inland Revenue substitute references to Her Majesty’s Revenue and Customs.