Income and Corporation Taxes Act 1988

457 Interpretation of sections 450 to 456. U.K.

(1) M1 In sections 450 to 456—

• “arrangements” means any such arrangements as are referred to in section 452(1);

• “business”, in relation to an underwriter, means his underwriting business as a member of Lloyd’s, whether carried on personally or through an underwriting agent, and does not include any other business carried on by him, and in particular, where he is himself an underwriting agent, does not include his business as such an agent;

• “member” means an underwriting member of Lloyd’s;

• “net amount” and “gross amount”, in relation to any payment, mean respectively the sum actually paid and the sum which, after deduction of income tax, is equal to the sum actually paid;

• “premiums trust fund” means such a trust fund as is referred to in section 83 of the M2 Insurance Companies Act 1982;

• “underwriting year” means the calendar year.

(2) For the purpose of construing any reference in sections 450 to 456 to the year of assessment which corresponds to an underwriting year or to the underwriting year which corresponds to a year of assessment, an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment.

Modifications etc. (not altering text)

C1 See—1988 Sch.4 para.18—application of definition to underwriter's deep discount securities.1989 Sch.10 para.18—deep discount securities.1990 Sch.10 para.18—convertible securities.

C2 See—1988 Sch.4 para.18—application of definition to underwriter's deep discount securities.1989 Sch.10 para.18—deep discount securities.1990 Sch.10 para.18—convertible securities.

Marginal Citations

M1 Source—1970 Sch.10 16; 1973 Sch.16 1, 14; 1987 Sch.15 2(22)

M2 1982 c. 50.