Part IV Income Tax, Corporation Tax and Capital Gains Tax
C2C3Chapter V Lloyd’s Underwriters: Corporations etc.
Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 129(4)(6)
Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 127(16)(a)(19)
Miscellaneous
226 Provisions which are not to apply.
1
Sections 92 to 95 of the 1993 Act (corporation tax: currency to be used) shall not apply for the purposes of computing for the purposes of corporation tax the profits or losses of a corporate member’s underwriting business.
2
No asset forming part of or liability attaching to a premiums trust fund of a corporate member shall be a qualifying asset or liability for the purposes of Chapter II of Part II of the 1993 Act (exchange gains and losses); and no contract forming part of such a fund shall be a currency contract for those purposes.
3
No contract or option forming part of a premiums trust fund of a corporate member shall be a qualifying contract for the purposes of Chapter II of this Part of this Act (interest rate and currency contracts and options).
C1227 Cessation: final underwriting year.
1
This section applies where a corporate member ceases to carry on its underwriting business, whether by reason of being wound up or otherwise.
2
Subject to the provisions of any regulations made by the Board—
a
the member’s final underwriting year shall be that in which its deposit at Lloyd’s is paid over to it or its liquidator, and
b
the member’s underwriting business shall be treated as continuing until the end of that year.
228 Lloyd’s underwriters: individuals.
1
Chapter III of Part II of the 1993 Act (Lloyd’s underwriters: individuals) shall have effect subject to the amendments specified in Schedule 21 to this Act.
2
The following provisions shall cease to have effect, namely—
a
section 627 of the Taxes Act 1988 (elections by Lloyd’s underwriters with respect to retirement annuities);
b
in section 641 of that Act, subsection (2) (elections by Lloyd’s underwriters with respect to carry-back of contributions); and
c
in section 183 of the 1993 Act, subsection (3) (amendments of sections 627(5) and 641(2) of the Taxes Act 1988).
3
Subject to any provision to the contrary, the provisions of Schedule 21 to this Act have effect for the year 1994-95 and subsequent years of assessment.
4
Subsection (2) above has effect for the year 1997-98 and subsequent years of assessment.
Pt. IV Chapter V (ss. 219-230) modified (1.12.1997) by S.I. 1997/2681, reg. 3(2)(a)