Textual Amendments
F1Sch. A1 inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), s. 121(2), Sch. 20
19(1)Use of an asset as part of an ancillary trust fund of a member of Lloyd’s—U.K.
(a)shall not be regarded as a use in respect of which the asset is to be treated as a business asset at any time; but
(b)shall be disregarded in any determination for the purposes of paragraph 9 above of whether it was being put to a non-qualifying use at the same time as it was being used for purposes mentioned in [F2any provision of paragraph 5] above.
(2)In this section “ancillary trust fund” has the same meaning as in Chapter III of Part II of the Finance Act 1993.]
Textual Amendments
F2Words in Sch. A1 para. 19(1) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 160(4)(a) (with s. 160(5))