C1184 Interpretation and commencement.

• “ancillary trust fund”, in relation to a member, does not include a F1premium trust fund of his or his special reserve fund (if any) but, subject to that, means any trust fund required or authorised by the rules of Lloyd’s, or required by a members’ agent of his F2. . . ;

• “closing year”—

  1. a

     in relation to a year of assessment, means the year of assessment next but one following that year;

  2. b

     in relation to an underwriting year, means the underwriting year next but one following that year; and

  3. c

     in relation to a syndicate, means the closing year of the underwriting year for which it was formed;

• “the Gains Tax Act” means the M1Taxation of Chargeable Gains Act 1992 and

• “the Gains Tax Acts” means that Act and any other enactments relating to capital gains tax;

• “the High Level Stop Loss Fund” means the fund of that name which, under the rules of Lloyd’s, has been established for the year 1993 and subsequent underwriting years;

• “inspector” includes any officer of the Board;

• F11“Lloyd’s partnership” means—

  1. a

     a limited partnership formed under the law of Scotland which is a member of Lloyd’s and is or has been an underwriting member, or

  2. b

     a limited liability partnership formed under the law of any part of the United Kingdom which is a member of Lloyd’s and is or has been an underwriting member;

• “the Management Act” means the M2Taxes Management Act 1970;

• “managing agent”, in relation to a syndicate and a year of assessment, means—

  1. a

     the person registered as a managing agent at Lloyd’s who was acting as such an agent for the syndicate at the end of the corresponding underwriting year, or

  2. b

     such other person as may be determined in accordance with regulations made by the Board;

• “member” F12(except in Part 1A of Schedule 20A) means F3an individual who is a member of Lloyd’s and is or has been an underwriting member;

• “members’ agent”, in relation to a member of a syndicate and a year of assessment, means—

  1. a

     the person registered as a members’ agent at Lloyd’s who was acting as such an agent for the member at the end of the corresponding underwriting year, or

  2. b

     if two or more such persons were so acting and one of them was appointed by the member to be responsible for complying with the requirements of F8the Lloyd’s Underwriters (Tax) Regulations 2005 in relation to all of the syndicates of which he is a member, that person, or

  3. c

     if two or more such persons were so acting and none of them was so appointed, the person who was so acting for the member in his capacity as a member of the syndicate, or

  4. d

     such other person as may be determined in accordance with regulations made by the Board;

• F4“premium trust fund” means a trust fund into which premiums receivable by members are paid in compliance with a trust deed under F9Rule 8.2.19 of theF10Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000;

• “prescribed” means prescribed by regulations made by the Board;

• “profits” includes gains;

• “special reserve fund”, unless the contrary intention appears, means a special reserve fund set up under the arrangements mentioned in section 175(1) above;

• “stop-loss insurance” means any insurance taken out by a member against losses in his underwriting business F5, except insurance taken out by entering a quota share contract (within the meaning of section 178 above);

• “syndicate” means a syndicate of underwriting members of Lloyd’s formed for an underwriting year;

• “underwriting business”, in relation to a member, means his underwriting business as a member of Lloyd’s, whether carried on personally or through an underwriting agent, and does not include any other business carried on by him, and in particular, where he is himself an underwriting agent, does not include his business as such an agent;

• “underwriting year” means the calendar year.