Part IV Income Tax, Corporation Tax and Capital Gains Tax

C1C2Chapter V Lloyd’s Underwriters: Corporations etc.

Annotations:
Modifications etc. (not altering text)
C1

Pt. IV Chapter V (ss. 219-230) modified (1.12.1997) by S.I. 1997/2681, reg. 3(2)(a)

C2

Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 129(4)(6)

Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 127(16)(a)(19)

Main provisions

219Taxation of profits.

1

Corporation tax for any accounting period on the profits arising from a corporate member’s underwriting business shall be computed on the profits of that accounting period.

2

As respects the profits arising to a corporate member for any accounting period directly from its membership of one or more syndicates, or from assets forming part of a F1premium trust fund—

a

the aggregate of those profits shall be computed for tax purposes under F4Part 3 of the Corporation Tax Act 2009 ; and

b

accordingly, no part of those profits shall be computed for those purposes F5otherwise than under Part 3 of the Corporation Tax Act 2009 .

3

F8... the profits arising to a corporate member for any accounting period—

a

from assets forming part of an ancillary trust fund; or

b

from assets employed by it in, or in connection with, its underwriting business,

shall be computed for tax purposes under F6Part 3 of the Corporation Tax Act 2009 if, and to the extent that, they do not fall to be computed for those purposes F7otherwise than under Part 3 of that Act .

F94

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F104A

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F24B

F12section 1109 of the Corporation Tax Act 2010 (entitlement to tax credit) shall not apply where the distribution there mentioned is a distribution in respect of any asset of a corporate member’s F1premium trust fund.

F114C

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F35

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