Finance Act 1994

229 Regulations. U.K.

[F1 (1)] The Board may by regulations provide—

(a) for the assessment and collection of tax charged in accordance with section 219 above F2 ...;

(b) for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of this Chapter as appear to the Board to be expedient having regard to those changes;

(c) for modifying the application of this Chapter in cases where a syndicate continues after the end of its closing year or a corporate member becomes insolvent or otherwise ceases to carry on its underwriting business;

[F3 (ca) for modifying the application of this Chapter in relation to cases where assets forming part of a [F4 premium] trust fund are the subject of—

F5 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F6 (ii) [F7 arrangements involving repos (within the meaning given by section 554(4) of the Corporation Tax Act 2009); or

(iii) arrangements meeting the conditions in section 554(2) of that Act (redemption arrangements);]

(d) for giving credit for foreign tax.

[F8 (2) Any power to make regulations conferred by this section includes power to make—

(a) different provision for different cases or different purposes, and

(b) incidental, supplemental or transitional provision and savings.]]]

Textual Amendments

F1 S. 229(1): s. 229 renumbered as s. 229(1) (20.7.2005 for specified purposes, 1.1.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(5)(8)(9); S.I. 2005/3337, art. 2

F2 Words in s. 229(1)(a) repealed (20.7.2005 for specified purposes, 1.1.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(6)(8)(9), Sch. 11 Pt. 2(11); S.I. 2005/3337, art. 2

F3 S. 229(ca) inserted (1.5.1995) by 1995 c. 4, s. 83(2)

F4 Word in s. 229(ca) substituted (1.12.2001) by S.I. 2001/3629, art. 87(e)

F5 S. 229(ca)(i) repealed (19.3.1997 with effect as mentioned in Sch. 10 para. 7(1), Sch. 18 Pt.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

F6 S. 229(1)(ca)(ii) substituted (with effect in accordance with art. 3 of the commencing S.I.) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 19; S.I. 2007/2483, art. 3

F7 S. 229(1)(ca)(ii)(iii) substituted for s. 229(1)(ca)(ii) (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 396 (with Sch. 2 Pts. 1, 2)

F8 S. 229(2) inserted (20.7.2005 for specified purposes, 1.1.2006 in so far as not already in force) by Finance (No. 2) Act 2005 (c. 22), s. 45(7)(8)(9); S.I. 2005/3337, art. 2