- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (02/10/1992)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 27/07/1993
Point in time view as at 02/10/1992. This version of this provision has been superseded.
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M1(1)Where for any year of assessment an individual—
(a)is chargeable to income tax in respect of relevant earnings derived from Lloyd’s underwriting activities; and
(b)there is an amount of unused relief attributable to those earnings,
the individual may, subject to subsection (2) below, elect that there shall be treated as paid in that year any qualifying premium paid by him in the next year of assessment but two.
(2)An election under this section shall not have effect in relation to so much of any qualifying premium as exceeds the amount of unused relief referred to in subsection (1)(b) above.
(3)Any election under this section shall be made before the end of the year of assessment in which the premium is paid.
(4)Where an election is made under this section the provisions of this Chapter, other than section 619(4), shall have effect as if the premium or, as the case may be, the part of the premium in question had been paid in the year specified in the election and not in the year in which it was actually paid.
(5)In this section—
“unused relief” has the same meaning as in section 625; and
“relevant earnings derived from Lloyd’s underwriting activities” means relevant earnings as an underwriting member of Lloyd’s or by way of commission calculated by reference to the profits of Lloyd’s underwriting business.
Marginal Citations
M1Source-1982 s.37
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