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Finance Act 1994

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Changes over time for: Paragraph 15

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Point in time view as at 11/02/2005.

Changes to legislation:

Finance Act 1994, Paragraph 15 is up to date with all changes known to be in force on or before 25 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

15(1)In sub-paragraph (2) of paragraph 11 of that Schedule (tax consequences of cessation), for the words “the final year of assessment” there shall be substituted the words “ the relevant year of assessment ” and for the words “the relevant year” there shall be substituted the words “ the relevant underwriting year ”.U.K.

(2)In sub-paragraphs (3) and (4) of that paragraph, for the words “the relevant year” there shall be substituted the words “ the penultimate underwriting year ”.

(3)For sub-paragraph (5) of that paragraph there shall be substituted the following sub-paragraph—

(5)In this paragraph, subject to the provisions of any regulations made by the Board—

  • the penultimate underwriting year” means the underwriting year immediately preceding that in which the member’s deposit at Lloyd’s is paid over to him or his personal representatives or assigns;

  • the relevant underwriting year” means—

    (a)

    in the case of a member who dies before his deposit at Lloyd’s is paid over to him or his assigns, the underwriting year immediately preceding that corresponding to the relevant year of assessment; and

    (b)

    in any other case, the underwriting year immediately preceding that in which his deposit at Lloyd’s is paid over to him or his assigns;

  • the relevant year of assessment” means—

    (a)

    in the case of a member who dies before his deposit at Lloyd’s is paid over to him or his assigns, the year of assessment at the end of which he is treated, by virtue of section 179A(2) of this Act, as having died; and

    (b)

    in any other case, his final year of assessment.

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