SCHEDULES

SCHEDULE 21Lloyd’s underwriters: individuals

Assessment and collection of tax

9

(1)

In Schedule 19 to the 1993 Act (assessment and collection of tax), in sub-paragraph (1) of paragraph 2 (returns by managing agent), for the words “after the end of the closing year for a year of assessment” there shall be substituted the words “after the beginning of a year of assessment”.

(2)

In sub-paragraph (2) of that paragraph, for the words “the 1st September next following the end of the closing year for the year of assessment” there shall be substituted the words “1st September in the year of assessment”.

(3)

This paragraph has effect for the year 1997-98 and subsequent years of assessment.

10

Part II of that Schedule (payments on account of tax) shall cease to have effect.

11

(1)

After sub-paragraph (3) of paragraph 13 of that Schedule (repayment of tax deducted etc. from investment income) there shall be inserted the following sub-paragraph—

“(3A)

For the purposes of this paragraph a member who is not resident in the United Kingdom shall be treated as entitled to all such tax credits in respect of qualifying distributions as he would be entitled to if he were so resident.”

(2)

After sub-paragraph (4) of that paragraph there shall be inserted the following sub-paragraph—

“(4A)

Where any payment of a tax credit is made under sub-paragraph (1)(b) above—

(a)

each apportioned part of the tax credit which is paid to the members' agent of a member under sub-paragraph (3)(b) above shall be treated, for the purposes of section 171 of this Act and all other purposes of the Income Tax Acts, as part of the profits arising to the member from assets forming part of a premiums trust fund; but

(b)

subject to that, the tax credit shall be ignored for all purposes of the Income Tax Acts.”

(3)

This paragraph has effect as respects the underwriting year 1992 and subsequent underwriting years.