(1)In section 82 above and this section, except where the context otherwise requires—
“member” means an individual who is an underwriting member of Lloyd’s;
“members’ agent”, in relation to a member, means a person registered as a members’ agent at Lloyd’s who is acting as such an agent for the member;
“members’ agent pooling arrangement”, in relation to a member, means an arrangement—
under which a members’ agent arranges for the member’s participation in syndicates; and
which satisfies the conditions set out in subsection (2) below;
“syndicate” has the same meaning as in Chapter III of Part II of the M1Finance Act 1993; and
“syndicate rights”, in relation to a member, means rights under a syndicate in which the member participates.
(2)The conditions mentioned in paragraph (ii) of the above definition of “members’ agent pooling arrangement” are that under the arrangement—
(a)the member must participate in each of the syndicates to which the arrangement relates; and
(b)the extent to which the member participates in each such syndicate is determined—
(i)by the members’ agent; or
(ii)according to a formula provided for in the arrangement.
(3)References in section 82 above to the payment of an amount are references to the payment of an amount in money or money’s worth; and to the extent that an amount mentioned in subsection (4), (5) or (6) of that section is paid in money’s worth, the amount of the consideration or expenditure there referred to shall be calculated by reference to the market value of the money’s worth at the time of the payment mentioned in that subsection.
(4)Section 82 above and this section have effect in relation to a Scottish partnership which is an underwriting member of Lloyd’s as they have effect in relation to a member, but as if the reference in section 82(2) to any liability of the member’s to capital gains tax that may arise from transactions effected in pursuance of the arrangement were a reference to any such liability of members of the partnership that may so arise.