Chwilio Deddfwriaeth

Income and Corporation Taxes Act 1988

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

725Lloyd’s underwriters

(1)The securities forming part of a premiums trust fund at the beginning of 1st January of any year shall be treated for the purposes of sections 710 to 728 as transferred on that day to the trustees of the fund, and in relation to such a transfer, the settlement day is the day preceding that of the transfer (notwithstanding section 712).

(2)The securities shall be treated as transferred with accrued interest if the trustees are entitled to receive in respect of them interest payable on—

(a)the day of the transfer, if that is an interest payment day, or

(b)the next (or first) interest payment day to fall after that day, in any other case;

and they shall be treated as transferred without accrued interest if they are not so entitled.

(3)Subsections (1) and (2) above do not apply as regards securities if the day preceding 1st January concerned is an interest payment day in relation to them.

(4)The securities forming part of a premiums trust fund at the end of 31st December of any year shall be treated for the purposes of sections 710 to 728 as transferred on that day by the trustees of the fund, and in relation to such a transfer, the settlement day is the day of the transfer (notwithstanding section 712).

(5)The securities shall be treated as transferred with accrued interest if the trustees are entitled to receive in respect of them interest payable on the next (or first) interest payment day to fall after the day of the transfer, and they shall be treated as transferred without accrued interest if they are not so entitled.

(6)Subsections (4) and (5) above do not apply as regards securities if 31st December concerned is an interest payment day in relation to them.

(7)Where securities are transferred by or to the trustees of a premiums trust fund, subsections (8) and (9) below shall have effect in relation to the trustees, though not in relation to the transferee or transferor (unless in turn constituting trustees of such a fund).

(8)In subsection (9) below “straddling period” means a period which would (by virtue of section 711(3) and (4) and apart from subsection (9)) be in relation to the securities an interest period beginning on or before and ending after 31st December of any year.

(9)For the purposes of sections 710 to 728 a straddling period is not an interest period, but—

(a)the period beginning with the day on which the straddling period begins and ending with 31st December concerned is an interest period; and

(b)the period beginning with the day following 31st December concerned and ending with the day with which the straddling period ends is an interest period.

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