Finance Act 1994

228 Lloyd’s underwriters: individuals

(1) Chapter III of Part II of the 1993 Act (Lloyd’s underwriters: individuals) shall have effect subject to the amendments specified in Schedule 21 to this Act.

(2) The following provisions shall cease to have effect, namely—

(a) section 627 of the Taxes Act 1988 (elections by Lloyd’s underwriters with respect to retirement annuities);

(b) in section 641 of that Act, subsection (2) (elections by Lloyd’s underwriters with respect to carry-back of contributions); and

(c) in section 183 of the 1993 Act, subsection (3) (amendments of sections 627(5) and 641(2) of the Taxes Act 1988).

(3) Subject to any provision to the contrary, the provisions of Schedule 21 to this Act have effect for the year 1994-95 and subsequent years of assessment.

(4) Subsection (2) above has effect for the year 1997-98 and subsequent years of assessment.