Paragraph 9 F1
United Kingdom
This paragraph applies if a member—
makes a claim for relief under or by virtue of F2Part 1 or 2 of this Schedule, and
subsequently withdraws the notice of his resignation from membership of Lloyd's.
The member must give written notice of such withdrawal to an officer of the Board.
Such a notice must be given no later than six months from the date of the withdrawal of the notice of resignation.
All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).
If a member fails, fraudulently or negligently, to comply with sub-paragraphs (2) and (3) above, section 95 of the Taxes Management Act 1970 shall apply to him as if he had fraudulently or negligently made an incorrect return, statement or declaration in connection with the claim for relief made by him under or by virtue of this Schedule.
In this paragraph “tax” means income tax, capital gains tax or inheritance tax.
Annotations
Textual amendments
- F1
Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3
- F2
Words in Sch. 20A para. 9(1)(a) inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(3)
Notes on Schedule 20A
Textual amendments
- F2
Sch. 20A heading substituted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(7)
- F3
Words in Sch. 20A heading inserted (16.6.2016) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 9