The Lloyd’s Underwriters (Tax) (1991-92)Regulations 1994

Managing agents and members' agents

8.—(1) For the purposes of Schedule 19A and of these Regulations, if the person who is acting as a managing agent or a members' agent in respect of the underwriting year corresponding to the year of assessment 1991-92 is different from the person who was so acting at the end of that underwriting year (in this regulation referred to as “the original agent”), then “managing agent” and “members' agent” have the meanings given to them by sub-paragraph (a) or, as the case may be, sub-paragraph (b) of paragraph (2).

(2) If the original agent ceases to act—

(a) before the beginning of the year of assessment 1994-95, then “managing agent” and “members' agent” mean—

(i) the person who is so acting at the beginning of that year of assessment, or

(ii) if that person ceases so to act, such person as the Board may determine having regard to all the circumstances;

(b) after the end of the year of assessment 1993-94, then “managing agent” and “members' agent” mean such person as the Board may determine having regard to all the circumstances.