Part II Income Tax, Corporation Tax and Capital Gains Tax
C2C3 Chapter III Lloyd’s Underwriters etc.
Pt. II Chapter III modified (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 3(1)(a)
Main provisions
C1172 Year of assessment in which profits or losses arise.
1
Subject to the provisions of this Chapter, for the purposes of section 171 above and all other purposes of the Income Tax Acts the profits or losses in any year of assessment of a member’s underwriting business shall be taken to be—
F1a
in the case of profits or losses arising directly from his membership of one or more syndicates, those of any previous year or years which are declared in the corresponding underwriting year;
b
in the case of profits or losses arising from assets forming part of a F2premium trust fund, those allocated under the rules or practice of Lloyd’s to any previous year or years the profits or losses of which are declared in the corresponding underwriting year; and
c
in the case of other profits or losses, those derived from payments received or made in the corresponding underwriting year.
2
Subsection (1)(c) above does not apply in relation to payments received or made before 6th April 1993.
Pt. II Chapter III applied (1.5.1995 with application as mentioned in s. 127(19) of the amending Act) by 1995 c. 4, s. 127(16)(a)(19)