SCHEDULE 21 Lloyd’s underwriters: individuals
Year of assessment in which profits or losses arise
1
F1(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)
Subsection (3) of that section shall cease to have effect.
(3)
In this paragraph—
F1(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
sub-paragraph (2) has effect for the year 1996-97 and subsequent years of assessment.
2
(1)
“(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.