Part IV U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter V U.K. Lloyd’s Underwriters: Corporations etc.

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)

Trust funds U.K.

222 [F1 Premium] trust funds. U.K.

(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 [F1 premium] 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 [F1 premium] 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 [F1 premium] 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.

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in s. 222(1)(a)(2)(3) and sidenote substituted (1.12.2001) by S.I. 2001/3629, art. 87(c)

F2 S. 222(4)(5) repealed (19.3.1997 with effect as mentioned in Sch. 10 para. 7(1), Sch. 18 Pt. VI(10), Note 1 of the repealing Act) by 1997 c. 16, s. 113, Sch. 18 Pt. VI(10); S.I. 1997/991, art. 2

F3 S. 222(06)(07) repealed (29.4.1996 with effect as mentioned in s. 154(9) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(18), Note