In these Regulations unless the context otherwise requires —

• “the Board” means the Commissioners of Inland Revenue;

• “the Management Act” means the Taxes Management Act 1970;2

• “managing agent”—

  1. a

     in relation to a member who is an individual has the meaning given by section 184(1) of the Finance Act 19933 as extended by regulation 3 of the Lloyd’s Underwriters (Tax) Regulations 19954, and

  2. b

     in relation to a corporate member has the meaning given by section 230(1) of the Finance Act 19945 as extended by that regulation;

• “manufactured payment” means any payment which for the purposes of Schedule 23A to the Taxes Act6 is a payment of manufactured interest, and to which paragraph 3A of that Schedule7 applies;

• “member” means a member of Lloyd’s who is an individual or, as the case may be, a corporate member and who is or has been an underwriting member;

• “premiums trust fund” means such a trust fund as is referred to in section 83 of the Insurance Companies Act 19828;

• “relevant gilt-edged securities” and “relevant year of assessment” have the meanings given respectively by subsections (5) and (6) of section 51B;

• “section 51B” means section 51B of the Taxes Act;

• “Schedule 19” means Schedule 19 to the Finance Act 1993;

• “syndicate” means a syndicate of underwriting members of Lloyd’s formed for an underwriting year;

• “the Taxes Act” means the Income and Corporation Taxes Act 19889;

• “trustees” means the trustees of premiums trust funds of members of the syndicate concerned;

• “underwriting year” means the calendar year.

The Table below indexes other general definitions in these Regulations—