SCHEDULES
F1SCHEDULE 20ALloyd’s underwriters: conversion to limited liability underwriting
Part 3Supplementary provisions
Withdrawal of resignation notice
9
1
This paragraph applies if a member—
a
makes a claim for relief under or by virtue of this Schedule, and
b
subsequently withdraws the notice of his resignation from membership of Lloyd's.
2
The member must give written notice of such withdrawal to an officer of the Board.
3
Such a notice must be given no later than six months from the date of the withdrawal of the notice of resignation.
4
All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).
5
If a member fails, fraudulently or negligently, to comply with sub-paragraphs (2) and (3) above, section 95 of the Taxes Management Act 1970 shall apply to him as if he had fraudulently or negligently made an incorrect return, statement or declaration in connection with the claim for relief made by him under or by virtue of this Schedule.
6
In this paragraph “tax” means income tax, capital gains tax or inheritance tax.
Interpretation of this Schedule
10
In this Schedule—
“conversion arrangement” means a conversion arrangement made under the rules or practice of Lloyd's;
“successor member” has the meaning given by the rules or practice of Lloyd's;
“syndicate capacity”, in relation to a member, means an asset comprising the rights of the member under a syndicate in which he participates.
Application of this Schedule
11
1
Paragraphs 2 and 3 above (and the other provisions of this Schedule so far as relating to those paragraphs) have effect in relation to syndicate capacity disposals (within the meaning of Part 1 of this Schedule) made on or after 6th April 2004.
2
Paragraph 4 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 6th April 2004 (even if the syndicate capacity disposal mentioned in that paragraph was made before that date).
3
Paragraph 7 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 2 of this Schedule) made on or after 6th April 2004.
Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3