Section 69C | Part-exempt contracts: exemption from requirement to make returns ^F1

(1)If the condition in subsection (2) is met, a registrable person may apply in writing to the Commissioners for an exemption under this section.

(2)The condition is that the person has not received, and does not expect to receive, at any time after the beginning of a specified accounting period, any premium under a taxable insurance contract that is not an excepted premium.

(3)In subsection (2) “specified” means specified in the application.

(4)The application must contain such information as the Commissioners may direct.

(5)The Commissioners must grant the application unless it appears to them that the condition in subsection (2) is not met.

(6)Where an exemption has effect the applicant—

(a)is exempt from any requirement imposed under section 54 to make returns in relation to the accounting period specified in the application or subsequent accounting periods, and

(b)must ensure that any records that the applicant is required to keep by virtue of paragraph 1(1) of Schedule 7 are, so far as they relate to premiums received, kept in a form enabling records relating to excepted premiums to be readily distinguished from records relating to other premiums.