Chwilio Deddfwriaeth

Finance Act 1993

Status:

Point in time view as at 19/07/2007.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1993, Cross Heading: Supplemental. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

SupplementalU.K.

182 Regulations.U.K.

(1)The Board may by regulations provide—

(a)for the assessment and collection of tax charged in accordance with section 171 above F1. . . ;

(b)for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of this Chapter as appear to the Board to be expedient having regard to those changes;

(c)for modifying the application of this Chapter in cases where a syndicate continues after the end of its closing year or a member dies or otherwise ceases to carry on his underwriting business;

[F2(ca)for modifying the application of this Chapter in relation to cases where assets forming part of a [F3premium] trust fund are the subject of—

F4(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)any such arrangements or agreements as are mentioned in [F5section 569 (repos) or 613 (redemption arrangements) of ITA 2007; ]]

(d)for giving credit for foreign tax.

F6(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)Regulations made, or deemed to have been made, under any of the following enactments (regulations about Lloyd’s underwriters), namely—

(a)section 451(1) or (1A) of the Taxes Act 1988,

(b)section 92(5) of the M1Finance Act 1989, or

(c)section 209(4) of the Gains Tax Act,

which were in force immediately before 6th April 1992 shall continue in force for the year 1992-93 and subsequent years of assessment notwithstanding the repeal of that enactment by this Act, and shall be deemed to have been made under this section.

[F7(6)Any power to make regulations conferred by this section includes power to make—

(a)different provision for different cases or different purposes, and

(b)incidental, supplemental or transitional provision and savings.]

Textual Amendments

F1Words in s. 182(1)(a) repealed (20.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(2)(8)(9), Sch. 11 Pt. 2(11); S.I. 2005/3337, art. 3

F2S. 182(1)(ca) inserted (1.5.1995) by 1995 c. 4, s. 83(2)

F3Word in s. 182(1)(ca) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(d)

F4S. 182(1)(ca)(i) repealed (19.3.1997 with effect in relation to, and to transfers under, any arrangement made on or after such day as may be appointed by order) by 1997 c. 16, ss. 76, 113, Sch. 10 Pt. I paras. 6(a), 7(1), Sch. 18 Pt. VI(10) Note 1

F6S. 182(2)-(4) repealed (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 7, Sch. 26 Pt. V(25) Note 4

F7S. 182(6) inserted (20.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(3)(8)(9); S.I. 2005/3337, art. 3

Marginal Citations

183 Consequential amendments.U.K.

F8(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(4)In section 710(14) of that Act (meaning of “business” and “premiums trust fund”), for the words “section 457” there shall be substituted the words “ section 184 of the Finance Act 1993 ”.

(5)In the following provisions (which relate to nominees, trustees etc.), namely—

  • Section 720(3) of the Taxes Act 1988,

  • paragraph 18(1) of Schedule 4 to that Act,

  • paragraph 10(1) of Schedule 11 to the Finance Act 1989, and

  • paragraph 18(1) of Schedule 10 to the M2Finance Act 1990,

the words from “his special reserve fund” to the end shall be omitted.

(6)In the following provisions (which relate to the death of a member), namely—

  • section 721(5) of the Taxes Act 1988,

  • paragraph 18(8) of Schedule 4 to that Act,

  • paragraph 10(6) of Schedule 11 to the Finance Act 1989, and

  • paragraph 18(6) of Schedule 10 to the M3Finance Act 1990,

the words from “a special reserve fund” to the end shall be omitted.

(7)In section 206(2) of the Gains Tax Act (Lloyd’s underwriters), after the words “subsection (1) above” there shall be inserted the words “ and section 174(1) of the Finance Act 1993 ”.

(8)In section 209 of that Act (interpretation, regulations about underwriters etc.)—

(a)in subsection (1), for the words “sections 450 to 456 of the Taxes Act” there shall be substituted the words “ Chapter III of Part II of the Finance Act 1993 ” and for the words “sections 450 to 456”, in the second place where they occur, there shall be substituted the words “ that Chapter ”; and

(b)in subsection (6), the words “or (4)” shall be omitted.

Textual Amendments

F8S. 183(1) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

F10S. 183(3) repealed (3.5.1994 with effect for the year 1997-98 and subsequent years of assessment) by 1994 c. 9, ss. 228(2)(c)(4), 230, 258, Sch. 26 Pt. V(25) Note 1

F11S. 183(4)-(8) repealed (the repeals of subsections (4)-(6) having effect for the year 1994 and subsequent underwriting years and the repeals of subsections (7)-(8) having effect for the year of assessment 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 213, Sch. 23 Pt. III(12) Notes 2, 4.

Marginal Citations

184 Interpretation and commencement.U.K.

(1)In this Chapter, unless the context otherwise requires—

  • ancillary trust fund”, in relation to a member, does not include a [F12premium] trust fund of his or his special reserve fund (if any) but, subject to that, means any trust fund required or authorised by the rules of Lloyd’s, or required by a members’ agent of his F13. . .;

  • closing year”—

    (a)

    in relation to a year of assessment, means the year of assessment next but one following that year;

    (b)

    in relation to an underwriting year, means the underwriting year next but one following that year; and

    (c)

    in relation to a syndicate, means the closing year of the underwriting year for which it was formed;

  • the Gains Tax Act” means the M4Taxation of Chargeable Gains Act 1992 and

  • the Gains Tax Acts” means that Act and any other enactments relating to capital gains tax;

  • the High Level Stop Loss Fund” means the fund of that name which, under the rules of Lloyd’s, has been established for the year 1993 and subsequent underwriting years;

  • inspector” includes any officer of the Board;

  • the Management Act” means the M5Taxes Management Act 1970;

  • managing agent”, in relation to a syndicate and a year of assessment, means—

    (a)

    the person registered as a managing agent at Lloyd’s who was acting as such an agent for the syndicate at the end of the corresponding underwriting year, or

    (b)

    such other person as may be determined in accordance with regulations made by the Board;

  • member” means [F14an individual who is a member of Lloyd’s and] is or has been an underwriting member;

  • members’ agent”, in relation to a member of a syndicate and a year of assessment, means—

    (a)

    the person registered as a members’ agent at Lloyd’s who was acting as such an agent for the member at the end of the corresponding underwriting year, or

    (b)

    if two or more such persons were so acting and one of them was appointed by the member to be responsible for complying with the requirements of [F15the Lloyd’s Underwriters (Tax) Regulations 2005] in relation to all of the syndicates of which he is a member, that person, or

    (c)

    if two or more such persons were so acting and none of them was so appointed, the person who was so acting for the member in his capacity as a member of the syndicate, or

    (d)

    such other person as may be determined in accordance with regulations made by the Board;

  • [F16“premium trust fund” means a trust fund into which premiums receivable by members are paid in compliance with a trust deed under [F17Rule 8.2.19 of the Insurance Prudential Sourcebook] made by the Financial Services Authority under the Financial Services and Markets Act 2000 F18;]

  • prescribed” means prescribed by regulations made by the Board;

  • profits” includes gains;

  • special reserve fund”, unless the contrary intention appears, means a special reserve fund set up under the arrangements mentioned in section 175(1) above;

  • stop-loss insurance” means any insurance taken out by a member against losses in his underwriting business [F19, except insurance taken out by entering a quota share contract (within the meaning of section 178 above)];

  • syndicate” means a syndicate of underwriting members of Lloyd’s formed for an underwriting year;

  • underwriting business”, in relation to a member, 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;

  • underwriting year” means the calendar year.

(2)For the purposes of this Chapter—

(a)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;

(b)the profits or losses of a member’s underwriting business include profits or losses arising to him from assets forming part of a [F20premium] trust fund or an ancillary trust fund; and

(c)any charge made on a member by the [F21managing agent] of a syndicate of which he is a member, and any expense incurred on his behalf by the [F21managing agent] of such a syndicate, shall be treated as expenses arising directly from his membership of that syndicate.

(3)Subject to any provision to the contrary, the provisions of this Chapter have effect for the year 1992-93 and subsequent years of assessment.

Textual Amendments

F12S. 184(1): word in the definition of “ancillary trust fund” substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(e)

F13Words in definition in s. 184(1) repealed (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, ss. 228, 258, Sch. 21 para. 8(1)(a), Sch. 26 Pt. V(25) Note 6

F14Words in definition in s. 184(1) substituted (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 8(1)(b)

F15Words in s. 184(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 16

F16S. 184(1): definition of “premium trust fund” substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 79

F18This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.

F19S. 184(1): words in definition of “stop-loss insurance” inserted (24.7.2002 with effect as mentioned in s. 86(2) of the amending Act) by 2002 c. 23, s. 86, Sch. 32 para. 5

F20Word in s. 184(2)(b) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 82(e)

F21Words in s. 184(2)(c) substituted (3.5.1994 with effect for the year 1994-95 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 8(2)

Modifications etc. (not altering text)

C1S. 184 applied (1.5.1995 with application as mentioned in s. 127(19) of the amending Act) by 1995 c. 4, s. 127(16)(b)(19)

Marginal Citations

Yn ôl i’r brig

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan heb Atodlenni

Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill