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 F5Part 3 of the Corporation Tax Act 2009 ; and

b

accordingly, no part of those profits shall be computed for those purposes F6otherwise than under Part 3 of the Corporation Tax Act 2009 .

3

F9F2... 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 F7Part 3 of the Corporation Tax Act 2009 if, and to the extent that, they do not fall to be computed for those purposes F8otherwise than under Part 3 of that Act .

F104

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11F34A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4B

F13section 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.

F124C

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F45

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .