SCHEDULES
C1SCHEDULE 20 Lloyd’s underwriters: special reserve funds
Annotations:
Modifications etc. (not altering text)
Part I Requirements for and tax consequences of new-style funds
Payments out of fund on cessation
7
1
The arrangements must provide that, on the member ceasing to carry on his underwriting business, whether by reason of death or otherwise, the amount of his special reserve fund, so far as not required for giving effect to the requirements of paragraph 4 or 5 above, shall be paid over to the member or his personal representatives or assigns.
2
For the purposes of sub-paragraph (1) above, a payment of an amount shall be in money or F1in assets forming part of the fund or both, as the member or his personal representatives or assigns may direct.
Sch. 20 excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 7(1)