Section 175 of, and Schedule 20 to, the Finance Act 1993 shall not apply in relation to a Lloyd’s Scottish limited partnership which, by virtue of regulation 3(1), is treated as a member who is an individual.

Paragraph (1) shall not prevent the setting up of a special reserve fund in relation to an individual who is both a member of Lloyd’s and a partner in a Lloyd’s Scottish limited partnership, but in such a case the special reserve fund shall take account only of the underwriting business carried on by that person as a member.