224 Reinsurance to close.U.K.
(1)Subject to subsection (2) below, section 177 of the 1993 Act (reinsurance to close) shall apply for the purposes of this Chapter as it applies for the purposes of Chapter III of Part II of that Act (Lloyd’s underwriters: individuals).
(2)That section as so applied shall have effect as if—
(a)the member by whom the premium is payable were required to be a corporate member;
(b)the member to whom the premium is payable might, but need not, be such a member; and
(c)any reference to the purposes of income tax were a reference to the purposes of corporation tax.