Finance Act 1994 (c. 9)

(The document as of February, 2008)

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(5) All such adjustments shall be made, whether by way of an assessment to tax or a reduction or discharge of such an assessment or otherwise, as may be necessary to give effect to a direction under sub-paragraph (2) or (4) above.

Assessment under Case III of Schedule D

4 (1) Subject to sub-paragraph (3) below, this paragraph applies in the case of income which--

(a) is from a source arising before 6th April 1994 and continuing after 5th April 1998, and

(b) is chargeable to tax under Case III of Schedule D.

(2) Section 64 of the Taxes Act 1988 shall have effect in relation to the year 1996-97 as if it required income tax under Case III of Schedule D to be computed on 50 per cent. of the aggregate of--

(a) the full amount of the income arising within that year; and

(b) the full amount of the income arising within the year 1995-96.

(3) This paragraph does not apply if section 66(1)(c) of that Act applied in relation to the year 1995-96.

5 In the case of income which--

(a) is from a source arising before 6th April 1994 and ceasing before 6th April 1998, and

(b) is chargeable to tax under Case III of Schedule D,

sections 64, 66 and 67 of the Taxes Act 1988 shall have effect as if section 206 of this Act had not been enacted.

Assessment under Cases IV and V of Schedule D

6 (1) This paragraph applies in the case of income which--

(a) is from a source arising before 6th April 1994 and continuing after 5th April 1998, and

(b) is chargeable to tax under Case IV or V of Schedule D.

(2) Subject to sub-paragraph (3) below, section 65 of the Taxes Act 1988 shall have effect in relation to the year 1996-97 as if--

(a) subsection (1) required income tax chargeable under Case IV or V of Schedule D to be computed on 50 per cent. of the aggregate of--

(i) the full amount of the income arising within that year; and

(ii) the full amount of the income arising within the year 1995-96,

subject (in either case) to the deductions and allowances there mentioned in the case of income not received in the United Kingdom;

(b) paragraph (a) of subsection (5) required income tax chargeable under Case IV of Schedule D to be computed on 50 per cent. of the aggregate of--

(i) the full amount, so far as it can be computed, of the sums received in the United Kingdom in that year; and

(ii) the full amount, so far as it can be computed, of the sums received in the United Kingdom in the year 1995-96,

without (in either case) any deduction or abatement; and

(c) paragraph (b) of that subsection required income tax chargeable under Case V of Schedule D to be computed on 50 per cent. of the aggregate of--

(i) the full amount of the actual sums received in the United Kingdom in that year; and

(ii) the full amount of the actual sums received in the United Kingdom in the year 1995-96,

without (in either case) any deduction or abatement other than as there mentioned.

(3) Sub-paragraph (2) above does not apply if section 66(1)(c) of that Act applied in relation to the year 1995-96.

(4) Section 63A of the Taxes Act 1988 (as applied by section 65(3) of that Act) shall have effect as if the amount of profits or gains of the basis period for the year 1997-98 which arise before 6th April 1997 were an overlap profit for the purposes of that section.

7 In the case of income which--

(a) is from a source arising before 6th April 1994 and ceasing before 6th April 1998, and

(b) is chargeable to tax under Case IV or V of Schedule D,

sections 65 to 68 of that Act shall have effect as if section 207 of this Act and its associated repeals had not been enacted.

Loss relief

8 Sections 380(1) and 574(1) of the Taxes Act 1988 (as substituted by sections 209(1) and 210(1) of this Act) shall have effect as respects the years 1994-95 and 1995-96 as if for the words "twelve months from the 31st January next following" there were substituted the words "two years after".

Capital allowances

9 (1) This paragraph applies in the case of a trade, profession or vocation set up and commenced before 6th April 1994 and continuing after 5th April 1997.

(2) Section 140 of the [1990 c. 1.] Capital Allowances Act 1990 shall have effect as if the allowances which fall to be made in taxing the trade, profession or vocation for the first period of account ending after 5th April 1997 under the provisions of that Act as they apply for the purposes of income tax included any allowance or part of any allowance--

(a) which falls to be made in taxing the trade, profession or vocation for the year 1996-97, or is carried forward to that year from a previous year of assessment, and

(b) to which full effect cannot be given in the year 1996-97.

Double taxation relief

10 (1) Subject to paragraph 12(2) below, this paragraph applies in the case of--

(a) a trade, profession or vocation set up and commenced before 6th April 1994 and continuing after 5th April 1998; or

(b) income from a source arising before the former date and continuing after the latter date.

(2) Subject to sub-paragraph (3) below, the amount of foreign tax to be taken into account in determining whether and, if so, what credit is allowable under Part XVIII of the Taxes Act 1988 against income tax which, in respect of income from any source, is chargeable under Case I or II of Schedule D for the year 1996-97 shall be the appropriate percentage of the aggregate of--

(a) the amount of foreign tax paid on income from that source arising in the basis period for that year, and

(b) the amount of foreign tax paid on income from that source arising in the relevant period.

(3) Where the period on the profits or gains of which income tax is chargeable under Case I or II of Schedule D for the year 1995-96 is that year, sub-paragraph (2) above shall have effect as if for the words from "the appropriate percentage" to the end there were substituted the words "the amount of foreign tax paid on income arising in that year".

(4) Where--

(a) the amount of the profits or gains on which income tax is chargeable under Case I or II of Schedule D for the year 1996-97 is given by paragraph 2(2) above, and

(b) that amount includes income from any source in respect of which credit is allowable under Part XVIII of the Taxes Act 1988,

the amount of income from that source to be taken into account in determining what credit is so allowable shall be the appropriate percentage of the aggregate of the full amount of the income of the basis period for that year and the full amount of the income of the relevant period.

(5) The amount of foreign tax to be taken into account in determining whether and, if so, what credit is allowable under Part XVIII of the Taxes Act 1988 against income tax which, in respect of income from any source, is chargeable for the year 1996-97 under Case IV or V of Schedule D shall be 50 per cent. of the aggregate of--

(a) the amount of foreign tax paid on income from that source arising, or (as the case may require) received in the United Kingdom, in that year; and

(b) the amount of foreign tax paid on income from that source arising, or (as the case may require) received in the United Kingdom, in the year 1995-96.

(6) In this paragraph--

"the appropriate percentage" and "the relevant period" have the same meanings as in paragraph 2 above;
"double taxation arrangements" means arrangements having effect by virtue of section 788 of the Taxes Act 1988;
"foreign tax" means tax chargeable under the law of a territory outside the United Kingdom for which credit may be allowed under double taxation arrangements or section 790(1) of that Act.

11 (1) Subject to paragraph 12(2) below, this paragraph applies in the case of--

(a) a trade, profession or vocation set up and commenced before 6th April 1994 and continuing after 5th April 1998; or

(b) income from a source arising before the former date and continuing after the latter date.

(2) Sub-paragraph (3) below applies where--

(a) credit against income tax for the year 1995-96 or any earlier year of assessment is or has been allowed by virtue of subsection (1) of section 804 of the Taxes Act 1988 in respect of any income ("the original income"), and

(b) the source of that income ceases in a subsequent year of assessment ("the subsequent year").

(3) The following shall be set off one against the other, namely--

(a) the amount of the credit which, under Part XVIII of the Taxes Act 1988 (including section 804), has been allowed against income tax in respect of the original income, and

(b) the aggregate of--

(i) the amount of the credit which, apart from that section, would have been so allowed, and

(ii) the difference between the amount of the credit which, on the assumptions mentioned in sub-paragraph (4) below, would have been allowable under Part XVIII of that Act for the year 1996-97 and the amount of credit which has been so allowed;

and if the amount given by paragraph (a) exceeds that given by paragraph (b) above, the person chargeable in respect of income (if any) arising in the subsequent year from the same source as the original income shall be treated as having received in that year a payment chargeable under Case VI of Schedule D of an amount such that income tax on it at the basic rate is equal to the excess.

(4) The assumptions are--

(a) that the words "the appropriate percentage of" were omitted from paragraph 2(2) above;

(b) that the words "50 per cent. of" were omitted from paragraphs (a), (b) and (c) of paragraph 6(2) above; and

(5) Where the period on the income of which income tax is chargeable for the year 1996-97 is that year, sub-paragraph (3) above shall have effect as if for paragraph (b) there were substituted the following paragraph--

" (b) the amount of the credit which, apart from that section, would have been so allowed; " .

(6) Any reference in sub-paragraph (2) or (3) above to section 804 or Part XVIII of the Taxes Act 1988 includes a reference to the corresponding provisions of any earlier enactments.

(7) Any payment which a person is treated by virtue of sub-paragraph (3) above as having received shall not on that account constitute income of his for any of the purposes of the Income Tax Acts other than that sub-paragraph and in particular no part of it shall constitute profits or gains brought into charge to income tax for the purposes of section 348 of the Taxes Act 1988.

12 (1) In the case of--

(a) a trade, profession or vocation set up and commenced before 6th April 1994 and ceasing before 6th April 1998, being a trade, profession or vocation in respect of which a direction has been given under paragraph 3(2) above, or

(b) income from a source arising before the former date and ceasing before the latter date, being income to which paragraph 7 above applies,

section 804 of the Taxes Act 1988 shall have effect as if section 217 of this Act and its associated repeals had not been enacted.

(2) In the case of a trade, profession or vocation set up and commenced before 6th April 1994 and ceasing on or after 6th April 1998 but before 6th April 1999, being a trade, profession or vocation in respect of which a direction has been given under paragraph 3(4) above--

(a) paragraphs 10 and 11 above shall not apply, and

(b) section 804 of the Taxes Act 1988 shall have effect as if section 217 of this Act and its associated repeals had not been enacted.

13 Paragraphs 2(2) and 6(2) above shall have effect as if any reference to the full amount of any profits or gains, or the full amount of any income, were a reference to that amount after any reduction which is treated as made by section 811 of the Taxes Act (deduction for foreign tax where no credit allowable).

Supplemental

14 (1) In this Schedule--

(a) any reference to a source of income arising before any date ("the earlier date") and continuing after or ceasing before some other date ("the later date") is a reference to a source of income arising to any person before the earlier date and continuing to be possessed by that person after, or (as the case may be) ceasing to be possessed by that person before, the later date; and

(b) any reference to a source of income includes a reference to a part of such a source.

(2) Where, as respects income from any source, income tax is to be charged under Case IV or V of Schedule D by reference to the amounts of income received in the United Kingdom, the source shall be treated for the purposes of this Schedule as arising on the date on which the first amount of income is so received.

Section 228.

SCHEDULE 21 Lloyd's underwriters: individuals

Year of assessment in which profits or losses arise

1 (1) After subsection (2) of section 171 of the 1993 Act (taxation of profits and allowance of losses) there shall be inserted the following subsection--

" (2A) Where the profits arising for any year of assessment from the assets of a member's premiums trust fund include dividends which are foreign income dividends for the purposes of Chapter VA of the Taxes Act 1988, subsection (2) above shall apply in relation to the actual amount of those dividends notwithstanding anything in section 246D of that Act. "

(2) Subsection (3) of that section shall cease to have effect.

(3) In this paragraph--

(a) sub-paragraph (1) has effect for the year 1992-93 and subsequent years of assessment; and

(b) sub-paragraph (2) has effect for the year 1996-97 and subsequent years of assessment.

2 (1) In subsection (1) of section 172 of the 1993 Act (year of assessment in which profits or losses arise), for paragraphs (a) and (b) there shall be substituted the following paragraphs--

" (a) in the case of profits or losses arising directly from his membership of one or more syndicates, those of any previous year or years which are declared in the corresponding underwriting year;

(b) in the case of profits or losses arising from assets forming part of a premiums trust fund, those allocated under the rules or practice of Lloyd's to any previous year or years the profits or losses of which are declared in the corresponding underwriting year; and " .

(2) Sub-paragraph (1) above does not have effect for the years 1994-95, 1995-96 and 1996-97, but in relation to those years that section shall have effect as if paragraphs (a) and (b) of subsection (1) were omitted.

Premiums trust funds

3 For subsection (1) of section 174 of the 1993 Act (premiums trust funds) there shall be substituted the following subsection--

" (1) For the purposes of the Income Tax Acts and the Gains Tax Acts--

(a) a member shall be treated as absolutely entitled as against the trustees to the assets forming part of a premiums trust fund of his; and

(b) where a deposit required by a regulatory authority in a country or territory outside the United Kingdom is paid out of such a fund, the money so paid shall be treated as still forming part of that fund. "

Reinsurance to close

4 (1) After subsection (4) of section 177 of the 1993 Act (reinsurance to close) there shall be inserted the following subsection--

" (5) This section also applies in any case where the member to whom the premium is payable is a corporate member within the meaning of Chapter V of Part IV of the [1994 c. 9.] Finance Act 1994. "

(2) This paragraph has effect for the underwriting year 1993 and subsequent underwriting years.

Stop-loss and quota share insurance

5 (1) In subsection (2) of section 178 of the 1993 Act (stop-loss and quota share insurance)--

(a) for the word "him" there shall be substituted the words "a member"; and

(b) for the word "arose" there shall be substituted the words "was declared".

(2) This paragraph has effect as respects insurance money and other amounts payable in respect of losses declared in the underwriting year 1997 or subsequent underwriting years.

Cessation etc.

6 (1) In section 179 of the 1993 Act (cessation: final year of assessment), subsection (3) and, in subsection (2), the words "to subsection (3) below and" shall cease to have effect.

(2) After that section there shall be inserted the following section--

" 179A Death of member

(1) This section applies where a member ceases to carry on his underwriting business by reason of death.

(2) For the purposes of assessing the profits of the member's underwriting business, the member shall be treated as having died at the end of the year of assessment which corresponds to the underwriting year immediately preceding that in which he actually died.

(3) For the purposes of the Income Tax Acts--

(a) the carrying on of the member's underwriting business by his personal representatives shall not be treated as a change in the persons engaged in the carrying on of that business; and

(b) subject to the provisions of any regulations made by the Board, the business shall be treated as continuing until the member's deposit at Lloyd's is paid over to his personal representatives. "

(3) This paragraph has effect in any case where the member dies after the end of the year 1993-94.

Regulations

7 (1) In section 182 of the 1993 Act (regulations), subsections (2) to (4) shall cease to have effect.

(2) This paragraph has effect for the year 1997-98 and subsequent years of assessment.

Interpretation

8 (1) In subsection (1) of section 184 of the 1993 Act (interpretation and commencement)--

(a) in the definition of "ancillary trust fund", the words "or the managing agent of a syndicate of which he is a member" shall cease to have effect; and

(b) in the definition of "member", for the words "a member of Lloyd's who" there shall be substituted the words "an individual who is a member of Lloyd's and".

(2) In subsection (2)(c) of that section, for the word "agent", in both places where it occurs, there shall be substituted the words "managing agent".

Assessment and collection of tax

9 (1) In Schedule 19 to the 1993 Act (assessment and collection of tax), in sub-paragraph (1) of paragraph 2 (returns by managing agent), for the words "after the end of the closing year for a year of assessment" there shall be substituted the words "after the beginning of a year of assessment".

(2) In sub-paragraph (2) of that paragraph, for the words "the 1st September next following the end of the closing year for the year of assessment" there shall be substituted the words "1st September in the year of assessment".

(3) This paragraph has effect for the year 1997-98 and subsequent years of assessment.

10 Part II of that Schedule (payments on account of tax) shall cease to have effect.

11 (1) After sub-paragraph (3) of paragraph 13 of that Schedule (repayment of tax deducted etc. from investment income) there shall be inserted the following sub-paragraph--

" (3A) For the purposes of this paragraph a member who is not resident in the United Kingdom shall be treated as entitled to all such tax credits in respect of qualifying distributions as he would be entitled to if he were so resident. "

(2) After sub-paragraph (4) of that paragraph there shall be inserted the following sub-paragraph--

" (4A) Where any payment of a tax credit is made under sub-paragraph (1)(b) above--

(a) each apportioned part of the tax credit which is paid to the members' agent of a member under sub-paragraph (3)(b) above shall be treated, for the purposes of section 171 of this Act and all other purposes of the Income Tax Acts, as part of the profits arising to the member from assets forming part of a premiums trust fund; but

(b) subject to that, the tax credit shall be ignored for all purposes of the Income Tax Acts. "

(3) This paragraph has effect as respects the underwriting year 1992 and subsequent underwriting years.

Special reserve funds

12 (1) In Schedule 20 to the 1993 Act (special reserve funds), in paragraph 1(1) (preliminary), after the definition of "overall premium limit" there shall be inserted the following definition--

" "payment", unless the contrary intention appears, means a payment in money; " .

(2) In paragraph 7(2) of that Schedule (payments out of fund on cessation), for the words "money's worth" there shall be substituted the words "in assets forming part of the fund".

(3) This paragraph has effect for the year 1992-93 and subsequent years of assessment.

13 (1) For paragraph 8 of that Schedule (entitlement of member for tax purposes) there shall be substituted the following paragraph--

" 8 (1) Subject to sub-paragraph (2) below, a member shall be treated for the purposes of the Income Tax Acts and the Gains Tax Acts as absolutely entitled as against the trustees to the assets forming part of his special reserve fund.

(2) Where an asset is disposed of by a member to the trustees of his special reserve fund, nothing in sub-paragraph (1) above shall affect the operation of the Gains Tax Acts in relation to that disposal. "

(2) This paragraph has effect for the year 1994-95 and subsequent years of assessment.

14 (1) In sub-paragraphs (1) to (4) of paragraph 10 of that Schedule (tax consequences of payments into and out of fund), for the word "corresponding", in each place where it occurs, there shall be substituted the word "relevant".

(2) After sub-paragraph (4) of that paragraph there shall be inserted the following sub-paragraph--

" (5) In this paragraph "the relevant underwriting year", in relation to a year of assessment, means the underwriting year next but two before its corresponding underwriting year. "

(3) Sub-paragraphs (1) and (2) above do not have effect for the years 1994-95, 1995-96 and 1996-97, but in relation to those years that Schedule shall have effect as if paragraph 10 were omitted.

15 (1) In sub-paragraph (2) of paragraph 11 of that Schedule (tax consequences of cessation), for the words "the final year of assessment" there shall be substituted the words "the relevant year of assessment" and for the words "the relevant year" there shall be substituted the words "the relevant underwriting year".

(2) In sub-paragraphs (3) and (4) of that paragraph, for the words "the relevant year" there shall be substituted the words "the penultimate underwriting year".

(3) For sub-paragraph (5) of that paragraph there shall be substituted the following sub-paragraph--

" (5) In this paragraph, subject to the provisions of any regulations made by the Board--

"the penultimate underwriting year" means the underwriting year immediately preceding that in which the member's deposit at Lloyd's is paid over to him or his personal representatives or assigns;
"the relevant underwriting year" means--
(a)
in the case of a member who dies before his deposit at Lloyd's is paid over to him or his assigns, the underwriting year immediately preceding that corresponding to the relevant year of assessment; and
(b)
in any other case, the underwriting year immediately preceding that in which his deposit at Lloyd's is paid over to him or his assigns;
"the relevant year of assessment" means--
(a)
in the case of a member who dies before his deposit at Lloyd's is paid over to him or his assigns, the year of assessment at the end of which he is treated, by virtue of section 179A(2) of this Act, as having died; and
(b)
in any other case, his final year of assessment. "

16 (1) In sub-paragraph (1) of paragraph 13 of that Schedule (winding up of old-style funds), the words from "and a transfer" to the end shall cease to have effect.

(2) After sub-paragraph (5) of that paragraph there shall be inserted the following sub-paragraph--

" (6) A transfer or payment under this paragraph of an amount of capital shall be in money or in assets forming part of the fund or both, as the member may direct. "

(3) This paragraph has effect for the year 1992-93 and subsequent years of assessment.

Sections 231 and 234.

SCHEDULE 22 Supplementary provisions as to elections by reference to pipe-line usage

Part I Procedure for and in connection with an election

The election

1 (1) An election shall be made by serving it on the Board, shall be in such form as may be prescribed by the Board and shall contain such information as the Board may reasonably require with respect to--

(a) the oil field to which the election is to apply, the pipe-line by reference to which the election is being made and whether the election is to be limited in accordance with subsection (6) of section 231 of this Act;

(b) all other assets which, if the election were to be accepted, would at the date of the election be assets to which the election applies;

(d) the sums to which, if the election is accepted, it is reasonable to expect that section 233 of this Act will apply and the sources, quantities and descriptions of oil which will give rise to those sums;

(e) any other oil field (whether taxable or non-taxable) in connection with which any of the assets referred to in paragraph (b) above is or is expected to be used or in respect of which services or other business facilities in connection with that use are or are expected to be provided; and

(f) the initial usage fraction and the amounts which make up the numerator and the denominator of that fraction.

(2) The reference in sub-paragraph (1)(e) above to an oil field includes a reference to any area which the electing participator expects might be determined as an oil field under Schedule 1 to the principal Act.

(3) An election shall include a declaration that it is correct and complete to the best of the knowledge and belief of the electing participator.

(4) An election shall be irrevocable.

Conditions for acceptance of an election

2 (1) The Board shall reject an election if they are not satisfied--

(a) that the conditions relating to the pipe-line in paragraphs (a) to (d) of subsection (1) or in subsection (3) of section 231 of this Act are fulfilled; or

(b) that the conditions relating to the oil field or the participator in subsection (2) of that section are fulfilled; or

(c) that, if the election were to be accepted, the assets to which the election would apply (having regard to any limitation under subsection (6) of that section) have the capacity and characteristics, and are otherwise suitable, to handle the quantities and descriptions of oil specified in accordance with paragraph 1(1)(d) above.

(2) Subject to sub-paragraph (3) below, the Board shall also reject an election if it appears to them--

(a) that any of the information required to be contained in the election by virtue of paragraph 1(1) above is incorrect; or

(b) that, after receiving notice in writing from the Board, the electing participator has failed to furnish to the Board on or before the specified date any information which the Board have reasonably required either with respect to the matters specified in paragraph 1(1) above or for the purpose of satisfying themselves as to the matters referred to in sub-paragraph (1) above.

(3) Before rejecting an election under sub-paragraph (2)(a) above the Board may, if they think fit, by notice in writing give the electing participator an opportunity to correct any error in the information and, if he does so, the information shall then be treated as having been provided in the correct form.

(4) In sub-paragraph (2)(b) above "the specified date" means such date as may be specified in the notice concerned, being a date not earlier than one month after the date on which the notice was given.

(5) A notice under sub-paragraph (2)(b) above shall be given within the period of three months beginning on the date on which the election was received by the Board.

Notice of acceptance or rejection

3 (1) Notice of the acceptance or rejection of an election shall be served on the electing participator before the expiry of the period of three months beginning on whichever of the following dates is the later or latest--

(a) the date on which the election was received by the Board;

(b) if a notice was given under paragraph 2(2)(b) above relating to the election, the date or, as the case may be, the last date which is the specified date, as defined in paragraph 2(4) above, in relation to such a notice;

(2) If no such notice of acceptance or rejection is so served, the Board shall be deemed to have accepted the election and to have served notice of their acceptance on the last day of the period referred to in sub-paragraph (1) above.

Appeals

4 (1) Where the Board serve notice on an electing participator under paragraph 3 above rejecting an election, he may appeal to the Special Commissioners against the notice.

(2) An appeal under sub-paragraph (1) above shall be made by notice of appeal served on the Board within thirty days beginning on the date of the notice in respect of which the appeal is brought.

(3) Where, at any time after the service of notice of appeal under this paragraph and before the determination of the appeal by the Commissioners, the Board and the appellant agree that the notice in respect of which the appeal is brought should stand or that the election to which it related should be accepted with or without modification, the same consequences shall ensue as if the Commissioners had determined the appeal to that effect.

(4) On the hearing of an appeal under this paragraph, the Commissioners shall either dismiss the appeal or allow it; and if the Commissioners allow the appeal, they shall direct either--

(a) that the election shall be accepted; or

(b) that the election shall have effect subject to such modifications as may be specified in the direction and shall be accepted in its modified form.

(5) Sub-paragraphs (2), (8) and (11) of paragraph 14 of Schedule 2 to the principal Act shall apply in relation to an appeal against a notice under paragraph 3 above rejecting an election as they apply in relation to an appeal against an assessment or determination made under the principal Act.

(6) Any reference in this Chapter to an election accepted by the Board shall be construed as including a reference to an election accepted in pursuance of an appeal under this paragraph.

Information to the responsible person

5 (1) Within thirty days of the relevant date, the electing participator shall furnish to the responsible person for the field to which the election applies (or would apply if the election were accepted) a copy of--

(a) any election made by him; and

(b) any notice under paragraph 3 above accepting or rejecting the election.

(2) For the purposes of sub-paragraph (1) above, the relevant date is--

(a) in the case of an election made by the electing participator, the date on which it was served on the Board; and

(b) in the case of a notice under paragraph 3 above, the date on which the electing participator received it.

(3) In a case where paragraph 9 below applies (or would apply if an election were accepted) sub-paragraphs (1) and (2) above shall require the electing participator additionally to furnish copies of the same documents to the responsible person for any non-chargeable field mentioned in sub-paragraph (3) of that paragraph.

(4) In a case where paragraph 11 below applies (or would apply if an election were accepted) sub-paragraphs (1) and (2) above shall require the electing participator additionally to furnish copies of the same documents to the old participator referred to in that paragraph.

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