Provisions relating to both individual and corporate partners in aLloyd’s Scottish limited partnership
Ancillary trust funds relating to a Lloyd’s Scottish limited partnership5.
(1)
An ancillary trust fund set up in relation to a Lloyd’s Scottish limited partnership shall be regarded as an ancillary trust fund of that partnership, irrespective of whether the fund is established by the partnership itself or by one or more of the partners in the partnership; and, subject to the modification specified in paragraph (2), section 1769 of the Finance Act 1993 and section 223 of the Finance Act 1994 shall apply accordingly.
(2)
Subsections (3) and (4) of section 176 of the Finance Act 1993 shall be omitted.
(3)
In paragraph (1) “ancillary trust fund”—
(a)
where regulation 3(1) applies, has the meaning given by section 184(1) of the Finance Act 199310;
(b)
where regulation 3(2) applies, has the meaning given by section 230(1) of the Finance Act 1994.