Finance Act 1993

[F1 [F2 5D. (1) In this Part of this Schedule— U.K.

• “ancillary trust fund”—

  (a)

  in relation to a Lloyd’s partnership, does not include a premium trust fund but, subject to that, means any trust fund required or authorised by the rules of Lloyd’s, or required by a member’s agent, and

  (b)

  in relation to a converting partner, means any trust fund required or authorised by the rules of Lloyd’s in connection with being a partner in, or member of, the partnership, or required by a member’s agent in that connection;

• “control” is to be construed in accordance with sections 450 and 451 of the Corporation Tax Act 2010;

• “converting partner”, in relation to a syndicate capacity disposal by a Lloyd’s partnership,—

  (a)

  means any person who, immediately before the disposal, is a partner in, or member of, the partnership and pursuant to the partnership agreement is treated at that time as having an interest in the partnership’s syndicate capacity, but

  (b)

  does not include any partner or member whose resignation from the partnership takes effect on the day of the disposal;

• “ordinary share capital” has the meaning given by section 989 of ITA 2007;

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “successor company” means a corporate member (within the meaning of Chapter 5 of Part 4 of the Finance Act 1994) which is a successor member;

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “syndicate capacity disposal” has the meaning given by paragraph 5A(3);

• “underwriting business”—

  (a)

  in relation to a Lloyd’s partnership, means the partnership’s underwriting business as a member of Lloyd’s, and

  (b)

  in relation to a successor company, has the same meaning as in Chapter 5 of Part 4 of the Finance Act 1994.

(2) For the purposes of this Part of this Schedule, shares comprised in any letter of allotment or similar instrument shall be treated as issued unless—

(a) the right to the shares conferred by it remains provisional until accepted, and

(b) there has been no acceptance.

(3) Paragraphs 5B and 5C above (and paragraph 5A above so far as relating to those paragraphs) are to be construed as one with the Gains Tax Act.]]

Textual Amendments

F1 Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3

F2 Sch. 20A Pt. 1A inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(2)

F3 Words in Sch. 20A para. 5D(1) omitted (16.6.2016) by virtue of The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 8