SCHEDULES
C1SCHEDULE 20 Lloyd’s underwriters: special reserve funds
Annotations:
Modifications etc. (not altering text)
Part I Requirements for and tax consequences of new-style funds
Entitlement of member for tax purposes
F18
1
Subject to sub-paragraph (2) F2and paragraph 11(2)-(4)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.
Sch. 20 excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 7(1)