SCHEDULES
F1SCHEDULE A1 Application of taper relief
Special rule for ancillary trust funds
19
(1)
Use of an asset as part of an ancillary trust fund of a member of Lloyd’s—
(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.