SCHEDULES

SCHEDULE 20 U.K. Lloyd’s underwriters: special reserve funds

Modifications etc. (not altering text)

C1 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)

Part I U.K. Requirements for and tax consequences of new-style funds

Payments out of fund on cessation U.K.

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. U.K.

(2) For the purposes of sub-paragraph (1) above, a payment of an amount shall be in money or [F1 in assets forming part of the fund] or both, as the member or his personal representatives or assigns may direct.

Textual Amendments

F1 Words in Sch. 20 para. 7(2) substituted (3.5.1994 with effect for the year 1992-93 and subsequent years of assessment) by 1994 c. 9, s. 228, Sch. 21 para. 12(2)(3)