Part IIIncome Tax, Corporation Tax and Capital Gains Tax
Chapter IIILloyd’s Underwriters etc.
Main provisions
172Year of assessment in which profits or losses arise
(1)
Subject to the provisions of this Chapter, for the purposes of section 171 above and all other purposes of the Income Tax Acts the profits or losses in any year of assessment of a member’s underwriting business shall be taken to be—
(a)
in the case of profits or losses arising directly from his membership of one or more syndicates, those arising in respect of the corresponding underwriting year;
(b)
in the case of profits or losses arising from assets forming part of a premiums trust fund, those allocated under the rules or practice of Lloyd’s to the corresponding underwriting year; and
(c)
in the case of other profits or losses, those derived from payments received or made in the corresponding underwriting year.
(2)
Subsection (1)(c) above does not apply in relation to payments received or made before 6th April 1993.