Provisions relating to individual partners in a Lloyd’s Scottish limited partnership
Basis of assessment6
1
Where regulation 3(1) applies in relation to a Lloyd’s Scottish limited partnership—
a
section 60(2) to (5), and sections 61 to 63A, of the Taxes Act11 shall not apply in relation to that partnership;
b
section 172 of the Finance Act 199312 shall apply in relation to that partnership as if—
i
in each of paragraphs (a) and (b) of subsection (1) of that section for the reference to the corresponding underwriting year there were substituted a reference to the accounting period ending in the corresponding underwriting year;
ii
in paragraph (c) of that subsection for the reference to profits or losses derived from payments made or received in the corresponding underwriting year there were substituted a reference to profits or losses attributable to the accounting period ending in the corresponding underwriting year.
2
In paragraph (1)(b)(i) and (ii) “accounting period” in relation to a Lloyd’s Scottish limited partnership means the period—
a
beginning on the 1st January in each year, or the date on which the partnership was formed (if later in that year), and
b
ending on—
i
the 31st December in that year, or the date when the partnership is terminated (if earlier), or
ii
where the partnership was formed later than 1st January in that year, the 31st December in the following year, or the date when the partnership is terminated (if earlier).