SCHEDULES

C1SCHEDULE 20 Lloyd’s underwriters: special reserve funds

Annotations:
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 II Winding up of old-style funds

Preliminary

12

1

In this Part of this Schedule—

  • “new-style fund” means a special reserve fund set up under the arrangements mentioned in section 175(1) of this Act;

  • “old-style fund” means a special reserve fund set up under the arrangements mentioned in section 452(1) of the Taxes Act 1988;

  • “the relevant period”, in relation to an old-style fund, means the period of three months beginning with the closing date.

2

For the purposes of sub-paragraph (1) above, the closing date for an old-style fund shall be the earliest date on which each of the following has occurred as respects the year 1991-92 and earlier years of assessments, namely—

a

the time for making any payments into the fund under section 452(5) of the Taxes Act 1988 has expired, or the member has given notice to the inspector that he will not be making any (or any further) such payments; and

b

any payments required by section 453(1) of that Act to be made out of the fund have been so made.