Trust fundsU.K.
222 Premiums trust funds.U.K.
(1)For the purposes of the Corporation Tax Acts—
(a)a corporate member shall be treated as absolutely entitled as against the trustees to the assets forming part of a premiums trust fund belonging to it; and
(b)where a deposit required by a regulatory authority in a country or territory outside the United Kingdom is paid out of such a fund, the money so paid shall be treated as still forming part of that fund.
(2)Where an asset forms part of a corporate member’s premiums trust fund at the beginning of any underwriting year, for the purposes of the Corporation Tax Acts—
(a)the trustees of the fund shall be treated as acquiring it on that day, and
(b)they shall be treated as paying in respect of the acquisition an amount equal to the value of the asset at the time of the acquisition.
(3)Where an asset forms part of a corporate member’s premiums trust fund at the end of any underwriting year, for the purposes of the Corporation Tax Acts—
(a)the trustees of the fund shall be treated as disposing of it on that day, and
(b)they shall be treated as obtaining in respect of the disposal an amount equal to the value of the asset at the time of the disposal.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 222(4)(5) repealed (19.3.1997 with effect as mentioned in Sch. 10 para. 7(1), Sch. 18 Pt. VI(10), Note 1 of the repealing Act) by 1997 c. 16, s. 113, Sch. 18 Pt. VI(10); S.I. 1997/991, art. 2
F2S. 222(06)(07) repealed (coming into force in accordance with s. 154(9) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(18), Note
223 Ancillary trust funds.U.K.
A corporate member shall be treated for the purposes of the Corporation Tax Acts as absolutely entitled as against the trustees to the assets forming part of an ancillary trust fund belonging to it.
Modifications etc. (not altering text)
C1S. 223 applied (with modifications) (1.12.1997) by S.I. 1997/2681, reg. 5(1)