The Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995

Interpretation

2.—(1) In these Regulations unless the context otherwise requires —

“the Board” means the Commissioners of Inland Revenue;

“the Management Act” means the Taxes Management Act 1970;(1)

“managing agent”—

(a)

in relation to a member who is an individual has the meaning given by section 184(1) of the Finance Act 1993(2) as extended by regulation 3 of the Lloyd’s Underwriters (Tax) Regulations 1995(3), and

(b)

in relation to a corporate member has the meaning given by section 230(1) of the Finance Act 1994(4) as extended by that regulation;

“manufactured payment” means any payment which for the purposes of Schedule 23A to the Taxes Act(5) is a payment of manufactured interest, and to which paragraph 3A of that Schedule(6) applies;

“member” means a member of Lloyd’s who is an individual or, as the case may be, a corporate member and who is or has been an underwriting member;

“premiums trust fund” means such a trust fund as is referred to in section 83 of the Insurance Companies Act 1982(7);

“relevant gilt-edged securities” and “relevant year of assessment” have the meanings given respectively by subsections (5) and (6) of section 51B;

“section 51B” means section 51B of the Taxes Act;

“Schedule 19” means Schedule 19 to the Finance Act 1993;

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

“the Taxes Act” means the Income and Corporation Taxes Act 1988(8);

“trustees” means the trustees of premiums trust funds of members of the syndicate concerned;

“underwriting year” means the calendar year.

(2) The Table below indexes other general definitions in these Regulations—

Term defined	Regulation
amount of excess gilt interest paid	4(6)
amount of excess gilt interest received	4(5)
payment on account	7(2)
relevant quarter	7(1)
total amount of tax	7(3)

(1)

1970 c. 9.

(2)

1993 c. 34.

(3)

S.I. 1995/351.

(4)

1994 c. 9.

(5)

Schedule 23A was inserted by section 58 of, and Schedule 13 to, the Finance Act 1991 (c. 31).

(6)

Paragraph 3A of Schedule 23A was inserted by section 82(2) of the Finance Act 1995 and was brought into effect in relation to payments made on or after 2nd January 1996 by S.I. 1995/2933 (c. 63).

(7)

1982 c. 50.

(8)

1988 c. 1.