Regulation 5 Set-off

(1)

Where any syndicate profit or loss returned by an agent under paragraph 2(1) of Schedule 16A includes any syndicate investment income which has suffered tax by way of deduction, the tax so deducted shall be set in the first place against the amount (if any) payable under paragraph 3(1)(a) of Schedule 16A.

(2)

Where, under the provisions of section 87 of the Finance Act 1972^f1, the aggregate amount of any such income includes an amount of tax credit, the amount of that credit shall be set in the first place against the amount so payable.

(3)

Where any such income includes interest or dividends to which the Income Tax (Building Societies) Regulations 1986^f2apply, the amount actually paid or credited shall be deemed to be a net amount corresponding to a gross amount from which income tax has been deducted at the basic rate for the year 1986–87.

Annotations

Footnotes

f1: 1972 (c. 41); subsection (2)(c) of section 87 was amended by the Finance Act 1980 (c. 48), section 122(4) and Schedule 20, Part V, and subsection (6) was amended by the Finance Act 1978 (c. 42), section 14 and Schedule 2, paragraph 15(6) and by the Finance Act 1984 (c. 43), sections 17(2) and 128(6) and Schedule 7, paragraph 2(2)(b) and Schedule 23, Part VI.
f2: S.I. 1986/482, amended by S.I. 1987/844, 1988/1011 and 1989/36.