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Changes over time for: Cross Heading: Year of assessment in which profits or losses arise


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/06/2002.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1994, Cross Heading: Year of assessment in which profits or losses arise.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Year of assessment in which profits or losses ariseU.K.
1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
(2)Subsection (3) of that section shall cease to have effect.
(3)In this paragraph—
(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)sub-paragraph (2) has effect for the year 1996-97 and subsequent years of assessment.
2(1)In subsection (1) of section 172 of the 1993 Act (year of assessment in which profits or losses arise), for paragraphs (a) and (b) there shall be substituted the following paragraphs—U.K.
“(a)in the case of profits or losses arising directly from his membership of one or more syndicates, those of any previous year or years which are declared in 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 any previous year or years the profits or losses of which are declared in the corresponding underwriting year; and”.
(2)Sub-paragraph (1) above does not have effect for the years 1994-95, 1995-96 and 1996-97, but in relation to those years that section shall have effect as if paragraphs (a) and (b) of subsection (1) were omitted.
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