Part IV Income Tax, Corporation Tax and Capital Gains Tax
C1C2Chapter V Lloyd’s Underwriters: Corporations etc.
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
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,
F104
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11F34A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4B
F124C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F45
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. IV Chapter V (ss. 219-230) modified (1.12.1997) by S.I. 1997/2681, reg. 3(2)(a)