Textual Amendments
F1Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3
F2Sch. 20A heading substituted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(7)
F3Words in Sch. 20A heading inserted (16.6.2016) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 9
9(1)This paragraph applies if a member—U.K.
(a)makes a claim for relief under or by virtue of [F4Part 1 or 2 of] this Schedule, and
(b)subsequently withdraws the notice of his resignation from membership of Lloyd's.
(2)The member must give written notice of such withdrawal to an officer of the Board.
(3)Such a notice must be given no later than six months from the date of the withdrawal of the notice of resignation.
(4)All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).
(5)If a member fails, fraudulently or negligently, to comply with sub-paragraphs (2) and (3) above, section 95 of the Taxes Management Act 1970 shall apply to him as if he had fraudulently or negligently made an incorrect return, statement or declaration in connection with the claim for relief made by him under or by virtue of this Schedule.
(6)In this paragraph “tax” means income tax, capital gains tax or inheritance tax.
Textual Amendments
F4Words in Sch. 20A para. 9(1)(a) inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(3)
[F59A.(1)This paragraph applies if—U.K.
(a)a person makes a claim for relief under or by virtue of Part 1A of this Schedule, and
(b)the Lloyd’s partnership in respect of which the claim is made withdraws the notice of its resignation from Lloyd’s.
(2)The person must give written notice of such withdrawal to an officer of Revenue and Customs.
(3)Such a notice must be given no later than 6 months from the date on which the person first became aware of the withdrawal of the notice of resignation.
(4)Unless the person proves otherwise, it shall be assumed that the person became aware of the withdrawal of the notice on the day on which it was withdrawn.
(5)All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).
(6)If a person fails, carelessly or deliberately, to comply with sub-paragraph (2) or (3) above, Schedule 24 to the Finance Act 2007 shall apply as if—
(a)the person had given HMRC a document of a kind listed in the Table in paragraph 1 of that Schedule, and
(b)the document contained an inaccuracy which was careless or deliberate on the person’s part and amounted to an understatement of a liability to tax equivalent to the amount of the adjustments required by sub-paragraph (5) to be made.
(7)In this paragraph “tax” means income tax, capital gains tax or inheritance tax.]
Textual Amendments
F5Sch. 20A para. 9A inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(4)
10U.K.In this Schedule—
“conversion arrangement” means a conversion arrangement made under the rules or practice of Lloyd's;
“successor member” has the meaning given by the rules or practice of Lloyd's;
[F6“syndicate capacity”, in relation to a member or Lloyd’s partnership, means an asset comprising the rights of the member or partnership under a syndicate in which the member or partnership participates.]
Textual Amendments
F6Words in Sch. 20A para. 10 substituted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(5)
11(1)Paragraphs 2 and 3 above (and the other provisions of this Schedule so far as relating to those paragraphs) have effect in relation to syndicate capacity disposals (within the meaning of Part 1 of this Schedule) made on or after 6th April 2004.U.K.
(2)Paragraph 4 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 6th April 2004 (even if the syndicate capacity disposal mentioned in that paragraph was made before that date).
[F7(2A)Paragraph 5B above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 1A of this Schedule) made on or after 19th December 2014.
(2B)Paragraph 5C above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 19th December 2014 (even if the syndicate capacity disposal was made before that date).]
(3)Paragraph 7 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 2 of this Schedule) made on or after 6th April 2004.]
Textual Amendments
F7Sch. 20A para. 11(2A)(2B) inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(6)