{
  "url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005/regulation-4",
  "json_url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005/regulation-4.json",
  "legislation": "uksi/2005/3338",
  "legislation_title": "The Lloyd’s Underwriters (Tax) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Returns by managing agent",
  "text": "(1) An officer of Revenue and Customs may, by notice to a syndicate’s managing agent, require him to deliver a return (a “syndicate return”) of the syndicate’s profit or loss for an underwriting year (the amount of that profit or loss being referred to as a “syndicate determination”).\n(2) A notice under paragraph (1) may be given—\n(a) at any time after the closing year for the underwriting year in question; and\n(b) more than once, (in particular where the syndicate continues after the end of its closing year).\n(3) The return shall—\n(a) contain such information as may reasonably be required by the notice; and\n(b) be accompanied by such accounts, statements and reports as may reasonably be so required.\n(4) The filing date for any syndicate return required by a notice under paragraph (1) is whichever is the later of—\n(a) 1st July in the underwriting year next following that closing year; and\n(b) the end of the period of three months beginning on the day following that on which the notice was served.\n(5) If a syndicate’s managing agent, having been required by a notice under paragraph (1) to deliver a return, fails to deliver the return on or before the filing date, he shall be liable to a flat-rate penalty equal to the prescribed amount multiplied by the number of days on which the failure continues.\n(6) In paragraph (5) “the prescribed amount” means £60 for each fifty members of the syndicate (counting any number of members less than fifty, and any number left over, as fifty).\n(7) If a syndicate’s managing agent fraudulently or negligently delivers an incorrect return under paragraph (1), he shall be liable to a penalty not exceeding £3,000 multiplied by the number of members of the syndicate.\n(8) In relation to a return required by a notice under paragraph (1)—\n(a) any reference in paragraph (4) or (5) to the filing date for, or delivery of, a return is a reference to its delivery together with the accompanying documents referred to in paragraph (3)(b); and\n(b) the reference in paragraph (7) to the return being incorrect includes a reference to any of those documents being incorrect.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/3338/regulation/4",
    "retrieved_at": "2026-10-29T04:41:38.440655+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}