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)
Trust funds
222F1Premium trust funds.
1
For the purposes of the Corporation Tax Acts—
a
a corporate member shall be treated as absolutely entitled as against the trustees to the assets forming part of a F1premium trust fund belonging to it; and
b
where a deposit required by a regulatory authority in a country or territory outside the United Kingdom is paid out of such a fund, the money so paid shall be treated as still forming part of that fund.
2
Where an asset forms part of a corporate member’s F1premium trust fund at the beginning of any underwriting year, for the purposes of the Corporation Tax Acts—
a
the trustees of the fund shall be treated as acquiring it on that day, and
b
they shall be treated as paying in respect of the acquisition an amount equal to the value of the asset at the time of the acquisition.
3
Where an asset forms part of a corporate member’s F1premium trust fund at the end of any underwriting year, for the purposes of the Corporation Tax Acts—
a
the trustees of the fund shall be treated as disposing of it on that day, and
b
they shall be treated as obtaining in respect of the disposal an amount equal to the value of the asset at the time of the disposal.
F24
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F25
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F36
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F37
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Pt. IV Chapter V (ss. 219-230) modified (1.12.1997) by S.I. 1997/2681, reg. 3(2)(a)